Need to start a Ltd Company in a hurry (by Mon!) and wondered if anyone knows a good website/company/way of doing it?(13 Posts)
Just got offered some freelancing work that is due to start next week.
Great, have been doing some in the past and had a maternity break, previously just was a sole trader and it was fine.
This time around I need to be a ltd company so I need to set one up in a hurry and whilst I have got an appt booked with my local business link to get their advice and get started again after my break, they are busy and the appointment is not until early october.
That wasn't a problem until today when the contract came in - much earlier than expected... and whilst it is great to get extra work, and I certainly would be mad to turn it down, it gives me the problem of trying to set up the company over the weekend or on monday.
So - can anybody point me in the direction of how to set up a ltd company - any good websites or people I should speak to? Or avoid is just as important I guess!
I've had a look on the web but there are loads of companies that seem to offer company creation services - but it would be nice to choose a reputable one or know that I should find an accountant or someone else and get them to do it really...
If it makes a difference, I'm located in Milton Keynes - not sure if you have to do anything in person!
Thanks very much in advance.
I think you need to go on HMRC website and download the form to register your company,you need to send it off with 10 pounds.Im not sure it will happen by monday but at least you started.
It's actually Companies House, see Company Registration for guidance
This information from Business Link is also useful and B1984 is right that you will need to tell HMRC about your new business structure too, but this is a registration for tax purposes rather than a registration of the new legal structure of the business.
We use CFS Formations, the email package, you can also pay a bit more for a same day service (not sure if that is only week days though)
This page from Business Link on taxes is helpful too, in your circumstances I think IR35 might be relevant so don't get too excited by the fact that corporation tax rates and dividend tax rates are generally lower than income tax rates!
Really you should speak to an accountant, if you don't already use one - working via a ltd co. is quite a different set-up to working as a self-employed individual.
Happy to go through the process on CFS if you want me to.
Limited Liability Partnerships are much easier and quicker to set up. You have the same limited status as a company and the requirements for accounts etc are less onerous.
You probably only need the LLP or Ltd set up for when you invoice so there may not be so much of a quick panic.
Take a look at Churchill Knight's web site over the weekend and call them first thing on Monday. They will explain what is involved and how much they will charge to do it all for you.
If you still want to go it alone, don't be confused by the other posters, only giddykipper is near the mark, although you can get a cheaper service than CFS (down to £25 for a same day service) if you need to, just find one online. But setting up the company is by far the easiest and cheapest bit.
Setting up a bank account will take a little longer and needs to be done in person. You will also need to register for tax, and possibly VAT and PAYE with HMRC.
You will need to allow £350-£1,000 a year for an accountant to do the accounts and returns, but they don't need to be involved in setting it up.
Homebird I am not aware of any way to set up an LLP for £25 in 3 hours, and in any case an LLP for an IR35 sole trader is totally wrong.
Thanks for the advice everyone, I will be looking very carefully at Churchill Knight's website and CFS and deciding which way to go.
I do have a separate bank account that I can change the name on so that shouldn't be too much of an issue hopefully.
I have been looking at the Business link pages, it is just unfortunate I can't get to speak to anybody properly there for another month . But their pages have been great and a really useful resource. I will also check the detail on companies house out.
And unfortunately the company I am going through want timesheets (complete with all these details) on a weekly basis so I am going to have to do something quickly!
But thanks again, it has been really helpful
you won't be able to change the name of an existing bank account to be a new company account, but setting the bank account up should be quite straightforward once you have the company formed.
various companies will form a new company for you very cheaply - google "company formation". You don't really need a recommendation for this, all they are doing is filing the paperwork for you rather than any ongoing relationship.
Ongoing accountancy costs will need to be incurred (if you can get it for £300 I'd be amazed!!), and if you can get a decent accountant recommendation that would be best.
Once the company is formed HMRC will send you a "new company enquiry" form which gives them details about the company.
PAYE registration is needed if you will pay any salaries, and VAT if you want (or need) to be registered.
Thanks again everyone, I'll go and have a look at those links now and also see if I can find an accountant by recommendation...
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