Can I form a company if 'm in an VA?

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Hunter1

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Post by Hunter1 » Wed Jul 04, 2007 8:33 pm
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Well I'm 4 months into my IVA and so far so good.

However I have an opportunity to do some contracting work which could substantially increase my income. I would like to form a Company to do this for tax reasons.

My questions are a) Can I do this and b) What restrictions would there be if any on being a director / opening bank accounts etc.

My wife could be signatory for the company bank account if necessary.

Does anyone have any experience of this or can offer any advice?

Thanks
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MelanieGiles

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Post by MelanieGiles » Wed Jul 04, 2007 8:52 pm
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Hi there Hunter. Glad to hear that the IVA is progressing well.

Whilst it is possible for you to set up a limited company to run your business through, there are very few tax advantages (if any) these days. Have you thought this through carefully and discussed it with an accountant? Personally I would not bother, as the additional administration probably outweighs any benefit.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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suzz

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Post by suzz » Wed Jul 04, 2007 9:32 pm
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Hi Hunter

You will find it very hard if not impossible to find a high street
bank that will accept an application for a business account.

Suzz
Last edited by suzz on Wed Jul 04, 2007 9:37 pm, edited 1 time in total.
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