Starting a Ltd. Company amongst other things..

[Blackwolf]

Evening all...


After help as per the title. How do I go about it? how much does it cost?

What about accounts ect?

Anyother useful info you can give me on running your own company...
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Current: Ducati Multistrada 1200s

[WannaBeDude]

What doing, as no need to set up right away in many cases ?
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Jogging on, destination living.

[Blackwolf]

Nothing im going to post on here.. Spam and all. Just after useful help
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Current: Ducati Multistrada 1200s

[WannaBeDude]

I dont think spam covers long standing members such as your self, when it comes to venturing out your self trying to make a living ...
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Jogging on, destination living.

[Blackwolf]

[Blackwolf]

You arse... this is meant to be a proper thread....
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Current: Ducati Multistrada 1200s

[Blackwolf]

Want to be limited as of the company name, ill also be intending to have at least 2 company's.

I'm just gathering lots of info atm.
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Current: Ducati Multistrada 1200s

[CaNsA]

You only need to have 1 company name.

Charles Ltd

then you can have as many companies as you like aslong as you use the term "trading as"

Charles LTD T/a "Bellwhiffing for money"

[Blackwolf]

[Frog]

If you need to separate your baking companies for other reasons, you could trade them under the name if you want as well (I.e. Bakeathon Ltd, and bakeastic t/a bakeathon).

There's a thread on here recently were someone as asking the same question, but I don't know who.

Easiest way to setup a company is to buy it off the shelf (google company formation agents for bakers). Cost was around £100 last time I did it.

If you do decide to do it yourself though, it ain't complicated.
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CBT 23/09/10 - Theory 19/03/11 - Mod1 19/04/11 - Mod2 06/05/11
Bikes: CBF125 (sold 30/10/10-25/09/12) - CB400 24/06/11 (broken) - ER6-f 25/09/2012

[Tenko]

Get a good accountant. He will contact Companies House on your behalf and it will probably cost about £200.

Its worth being Ltd if you intend to draw more than 8k pa from the company. If not, don't bother as you have to submit more detailed accounts, pay Corporation Tax etc.

Its easiest if you make the accountant the Secretary, as you can hold your annual meeting at the same time you agree your yearly accounts.

Not much more to it really.

[Frog]

In case it's any help:
https://www.bikechatforums.com/viewtopic.php?t=252175&start=0&postdays=0&postorder=asc&highlight=
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CBT 23/09/10 - Theory 19/03/11 - Mod1 19/04/11 - Mod2 06/05/11
Bikes: CBF125 (sold 30/10/10-25/09/12) - CB400 24/06/11 (broken) - ER6-f 25/09/2012

[Blackwolf]

For the record.

ITS NOT A BAKERY!!

Thank you for the help so far!
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Current: Ducati Multistrada 1200s

[CaNsA]

[Frog]

Bread-themed porn production company?
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CBT 23/09/10 - Theory 19/03/11 - Mod1 19/04/11 - Mod2 06/05/11
Bikes: CBF125 (sold 30/10/10-25/09/12) - CB400 24/06/11 (broken) - ER6-f 25/09/2012

[yambabe]

So much well-intentioned misinformation in this thread......

You can't have a Ltd company trading in more than one name, although the trading name doesn't have to be the same as the registered name.

So if for example you set up Blackwolf Ltd you can, for trading purposes, be Blackwolf Ltd trading as Cakeman, you can mess with that by changing the registered name or the trading as name but you can only have one trading entity under that registration, no matter what you call it.

You can own/run a Ltd company and still be a sole trader yourself to do other work if you want. As a sole trader you CAN have as many trading entities as you want so you can be Mr Wolf trading as Cakeman at the same time as Mr Wolf trading as Bikeman etc etc.

You don't need an accountant to set up a Ltd company, the info is freely available at Companies House https://www.companieshouse.gov.uk/infoAndGuide/companyRegistration.shtml including prices and it's staightforward and cheap (£18) to do it yourself via Businesslink. If you use an online formation agent it's likely to be around £30-£50.

Whether you need to be a Ltd company depends on you really, some types of work are better suited to it than others. If the company is likely to be what HMRC have defined as a Personal Service Company (ie where clients pay the company to have YOU do a specific job for them rather than your company making or selling a product) the tax rules are a minefiled and you need to go have a good long browse on the ContractorUK website.

Once you've got your company it's up to you what you do with it. Bear in mind that each year you have to submit an annual return confirming the current appointments and shareholders (for which you have to pay a fee) and accounts even if the company has not traded by certain deadlines or you will be hit by fines. There is no longer any requirement for most businesses to appoint a company secretary.

Finding a good accountant (or at the very least a book-keeper ) who can keep you on top of your paperwork is indeed fairly vital. Doesn't have to be mega-expensive either, shop around and go by recommendations.

Once up and running, the Businesslink website is very useful and it will probably be worth looking into joining the Federation of Small Businesses (FSB) and any trade associations within your field if there are any as they too can provide lots of advice and info.

Ignore Tenko's advice about the amount you want to draw from the business (sorry Tenko!) - you only have to provide a detailed profit-and-loss breakdown to HMRC at the moment if your turnover from EACH business you run as a sole trader is more than £73000 per year! You will need to do an analysis of your income to determine if sole trader or Ltd will be more tax-efficient for you. There are many factors that will determine this, especially what types of business expenses you may be able to claim tax relief for.
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[Tenko]

Madam I bow at your feet and dribble!!!!!

I got my accountant to Register my company in the days when a Secretary was necessary. You are correct that one isn't necessary nowadays. I suggest using an accountant partly because its important to agree shares from the outset and an accountant is the best person to explain how this is done. I do not know if there will be more than 1 Director or additional shareholders. The thorny matter of 'traffic-light' shares may need to be considered at the start, even though it won't have to be agreed with CH at that point.


The 8k figure is the cut-off point for my business in terms of viability of being Ltd. Its a simple calculation for me. I agree with you that it will depend upon the nature of the OPs work, but as he hasn't said what he wishes to do.....

[WannaBeDude]

Using ovenS with the door open just wont work ....

\Go on get spamming, rating AWAITS
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[Redoko]

Funniest. Thread. Ever.
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[MarkJ]

Good luck with your baking company

[kotachi]

[The Shaggy D.A.]

I can't remember as it was a long time ago, but I think I used these bods to get my Ltd company set up - was quite painless.

https://www.companiesmadesimple.com/
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[Blackwolf]

ITS.

NOT.

A

BAKING COMPANY!!!




Yam ill be hopefully be sending a PM later today.

Thanks for the help so far!
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Current: Ducati Multistrada 1200s

[nowhere.elysium]

Make me a pie, Charles. Steak and Ale, preferably.
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[kotachi]

I want a bag of doughnuts!
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CBT done - 24/03/2012, theory test done - 03/04/2012.. Mod 1 done -26/06/2012, Mod 2 done - 29/06/2012. Current steed: Cage.
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