Ltd Company Help

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
JustPlainStupid
Posts: 57
by JustPlainStupid » Tue Nov 21, 2017 6:13 pm
I lost my job last week. To get back on track quickly, I've taken a 3 month contract but I need to set up a Ltd company to invoice them through. Couple of initial questions:

1. If I set up a ltd company where I'll be the only director, are there any implications (Can I even do that?)?
2. I'll need to set up a ltd company bank account. Just checked with Nationwide, who I bank with personally, and you need 10 grand as an initial deposit to open an account with them. Does anyone have any suggestions?

Cheers
AJ
User avatar
Foggy
Forum Expert
Posts: 24148
Contact
by Foggy » Tue Nov 21, 2017 6:34 pm
JustPlainStupid wrote:
I lost my job last week. To get back on track quickly, I've taken a 3 month contract but I need to set up a Ltd company to invoice them through. Couple of initial questions:

1. If I set up a ltd company where I'll be the only director, are there any implications (Can I even do that?)?
2. I'll need to set up a ltd company bank account. Just checked with Nationwide, who I bank with personally, and you need 10 grand as an initial deposit to open an account with them. Does anyone have any suggestions?

Cheers
AJ


1) Yes, you can do this, but, if you buy an "off the peg" company, you will probably have to amend the Articles to allow insolvent directors.
2) Bank account could be an issue -- some have had success with Barclays, but you will need to go in branch to speak to a business advisor as online applications are often rejected by automated filtering and need to be over-ridden.
3) You could use an umbrella company, but will have to pay for the priviledge.
User avatar
JustPlainStupid
Posts: 57
by JustPlainStupid » Tue Nov 21, 2017 8:15 pm
Cheers, Foggy. Hopefully I can sort something. It'll save me £1600 a month in tax if I can avoid PAYE. That would mean £800 extra for the creditors. As I'm predicted to hit 100p in the £ anyway it should mean they get their money back sooner.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot], nearlyover123 and 18 guests