Need to form my company as going from self employed to company and VAT registering. What is the best way to go forward?
Thanks.
Thanks.
Registering a company- what is the cheapest and easiest way?
- Thread starter sandhu40
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had a look here
http://www.hmrc.gov.uk/startingup/working-for-yourself.pdf
I am confident that I will be paying 40% tax. Therefore it wouldn't be a good idea to go as a sole trader right? Would a limited company be better as I can pay myself a dividend etc?
Also, to hire/lease a van would I need to form a limited company or is sole trader ok?
http://www.hmrc.gov.uk/startingup/working-for-yourself.pdf
I am confident that I will be paying 40% tax. Therefore it wouldn't be a good idea to go as a sole trader right? Would a limited company be better as I can pay myself a dividend etc?
Also, to hire/lease a van would I need to form a limited company or is sole trader ok?
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Don't bother. I haven't, I only do cash jobs.
Also makes my quotes much more competetive.
Also makes my quotes much more competetive.
Thanks for that but I will be on a self employed contract for Siemans changing meters. They will pay me into a bank account having already taxed me somewhat (at least I assume they will tax me)
My "weekend job" will be cp12's. Another thing that I cannot hide from the tax man. Am i right?
My "weekend job" will be cp12's. Another thing that I cannot hide from the tax man. Am i right?
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20% initially yes, but i'll have to make the difference up at the end of the year. VAT registering to claim back VAT on van hire and other goods I buy.
I know that I will have to charge customers VAT but think it will be worth it. Some jobs I can get away with I'm sure.
Its gas meters btw.
I know that I will have to charge customers VAT but think it will be worth it. Some jobs I can get away with I'm sure.
Its gas meters btw.
another question please...
On companieshouse webiste it stats that
This is the declaration of Compliance with the Companies Act 1985 in respect of the registration. Once the Memorandum and Articles of Association (see below) have been completed, this must be signed in the presence of a Solicitor, Commissioner for Oaths, Notary Public or Justice of the Peace.
The service costs £20 and takes 8-10 working days.
As I am in a hurry, can I use this website...
http://www.companiesmadesimple.com/index.html ?
I wont have to pay a solicitor and will be able to form the company within 3 hours? Is this correct?
If someone can help, that would be great.
On companieshouse webiste it stats that
This is the declaration of Compliance with the Companies Act 1985 in respect of the registration. Once the Memorandum and Articles of Association (see below) have been completed, this must be signed in the presence of a Solicitor, Commissioner for Oaths, Notary Public or Justice of the Peace.
The service costs £20 and takes 8-10 working days.
As I am in a hurry, can I use this website...
http://www.companiesmadesimple.com/index.html ?
I wont have to pay a solicitor and will be able to form the company within 3 hours? Is this correct?
If someone can help, that would be great.
get a rozzer to sign it.
I think the VAT threshold is now £67,000. I seriously doubt you will turnover that doing meters mate. Also its not really worth registering to reclaim just for things you will purchase - what a vehicle and petrol/diesel(since on meter contracts the few materials you use are generally supplied to you)? Far better to get yourself a 3 year old van.
£67k thats correct.
I am hoping to turnover around £88k. Others do it, so I have a chance.
You are right about me not purchasing many material on the meter job but I intend to do jobs on the side aswell, weekends and evening if the job permits. Also, buying a decent medium sized van would cost me around £6k+ and I dont have that sort of money, my credit history is also very poor so I am forced into this option. Also, even if I go through the leasing option it will still cost me around £4k in total to set this up (including costs such as relocating, rent, deposits etc) until I receive my first pay cheque, I dont have the money to do it.
I am leasing from apexrental.com A great company. Vivaro, plylined, 08 reg £269+ VAT for 2000 miles rental per 28 days. Other contract leases were quoting me around £240+ VAT but didnt include maintenance and only 20k miles per year. 2 years of maintenance could cost you around £1500 (and even if it didnt, they woud have charged me around £1000 to bring it up to standard at the end of my preferred 2 year rental. Apex give you a new van every 3-5 months or 9000 miles, whichever comes first. I recommend this option for someone in my position. I think wear and tear risk on my van makes hiring more attractive. If I owned my own van and was to be off the road for 2 days, that could cost me around £400 income and lets say £300 repairs, so £700!!! NOT good.
Going to see how it goes for 6months.
I am hoping to turnover around £88k. Others do it, so I have a chance.
You are right about me not purchasing many material on the meter job but I intend to do jobs on the side aswell, weekends and evening if the job permits. Also, buying a decent medium sized van would cost me around £6k+ and I dont have that sort of money, my credit history is also very poor so I am forced into this option. Also, even if I go through the leasing option it will still cost me around £4k in total to set this up (including costs such as relocating, rent, deposits etc) until I receive my first pay cheque, I dont have the money to do it.
I am leasing from apexrental.com A great company. Vivaro, plylined, 08 reg £269+ VAT for 2000 miles rental per 28 days. Other contract leases were quoting me around £240+ VAT but didnt include maintenance and only 20k miles per year. 2 years of maintenance could cost you around £1500 (and even if it didnt, they woud have charged me around £1000 to bring it up to standard at the end of my preferred 2 year rental. Apex give you a new van every 3-5 months or 9000 miles, whichever comes first. I recommend this option for someone in my position. I think wear and tear risk on my van makes hiring more attractive. If I owned my own van and was to be off the road for 2 days, that could cost me around £400 income and lets say £300 repairs, so £700!!! NOT good.
Going to see how it goes for 6months.
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