ChatterBank3 mins ago
Noxy (or others maybe???)
24 Answers
Noxy dear Sir,
How easy is it to set up a limited company with yourself as the sole boss?? I have been advised due to my small property portfolio and a few fingers in pies, that this is the way forward and I am losing hundreds of pounds in tax??
I have never even seen an accountant, just declare earings and pay tax/stamp on that with a standard 503L code.
Any help or pointers will be great (And what receipts should I start saving???)
[edited by ABED]
How easy is it to set up a limited company with yourself as the sole boss?? I have been advised due to my small property portfolio and a few fingers in pies, that this is the way forward and I am losing hundreds of pounds in tax??
I have never even seen an accountant, just declare earings and pay tax/stamp on that with a standard 503L code.
Any help or pointers will be great (And what receipts should I start saving???)
[edited by ABED]
Answers
Best Answer
No best answer has yet been selected by ##Wardy##. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Hi Wardy. I'm not 100% certain, but I think you'll find that a Limited company requires more than one director. My mum and dad set one up through their accountant. It Cost �80 in total, took about 6-8 working days and was a simple process. You have to register some details each year with companies house (costs money, and can be done on-line)
Hope this helps.
Hope this helps.
Hello wardy,
I don't know a lot about company law,but if you own a few properties it might well be worth forming a property company,but what happens when you want to retire I would think the tax situation would be quite complicated,so you realy do need to get a good accountant, save all receipts,petrol,cost of repairs,phone bills in fact everything relating to the properties, good luck
I don't know a lot about company law,but if you own a few properties it might well be worth forming a property company,but what happens when you want to retire I would think the tax situation would be quite complicated,so you realy do need to get a good accountant, save all receipts,petrol,cost of repairs,phone bills in fact everything relating to the properties, good luck
ummmm....I'm not actually sure...I've never been involved in a company with just one person. i don't think so though. Other wise they would be a sole trader!
Once you are a limited company (I'm still waiting for my lift and I'm a bit ****** already) you have a dividend and not wages/drawings. It makes it better on the tax front. But you have to remember about the cp tax
Once you are a limited company (I'm still waiting for my lift and I'm a bit ****** already) you have a dividend and not wages/drawings. It makes it better on the tax front. But you have to remember about the cp tax
Mr Wardie.....at the moment you still need a company secretary. So techically you need two people involved.
You can be sole director with 2 shares (out of 2) and appoint your friend or family member (ADULT) as company secretary. They will be on the stat books in name only, being technically liable for presenting the accounts to Co House on time etc, where in a fact you are the only participant in the company, only director and only shareholder.
http://www.hanovercompanyservices.com/
it can cost �50. Pick a name, check on the website if it is available and not already taken. Then follow the online istructions. They will send you the stat books and forms to change directors and shareholders from themselves, them having set up the shell company, they will have already signed their transfer forms ready for you to sig and send to the addresses they tell you for officialdom
You can be sole director with 2 shares (out of 2) and appoint your friend or family member (ADULT) as company secretary. They will be on the stat books in name only, being technically liable for presenting the accounts to Co House on time etc, where in a fact you are the only participant in the company, only director and only shareholder.
http://www.hanovercompanyservices.com/
it can cost �50. Pick a name, check on the website if it is available and not already taken. Then follow the online istructions. They will send you the stat books and forms to change directors and shareholders from themselves, them having set up the shell company, they will have already signed their transfer forms ready for you to sig and send to the addresses they tell you for officialdom
This should give you most of the information that you need...
http://www.companieshouse.gov.uk/about/guidanc e.shtml
There is a phoneline for guidance and all the forms you need can be downloaded online. Many documents can also be filed online too.
You will need a company secretary, this is can also be done by an accountant or solicitor who can also maintain your company books. It is always wise to make sure you are aware of the obligations of company officers ie directors and secretaries, there is a booklet on the above link.
Many law firms have shelf companies which they can do a change of name job on. Usually they will have a standard memo and arts so if you want something specific then you may need to make some changes.
There are also a number of companies who can set up companies for you, from simple ones to more complex ones.
I have a questionnaire of the information you would need from when i have set companies up for people before, mainly property management companies if that would be useful, it's stored on my work directory though so I couldn't access it til Monday.
If you have a company name in mind then you can search here to see if it's already been taken. The helpline can also give you some guidance as to whether a name will be accepted too.
http://wck2.companieshouse.gov.uk/099967f65c5e c69a4ae7ef60b3c546fa/wcframe?name=accessCompan yInfo
There is also some very useful info in a booklet accessed off the first link.
York Place are pricier than some but can provide a great service...
http://www.yorkp
http://www.companieshouse.gov.uk/about/guidanc e.shtml
There is a phoneline for guidance and all the forms you need can be downloaded online. Many documents can also be filed online too.
You will need a company secretary, this is can also be done by an accountant or solicitor who can also maintain your company books. It is always wise to make sure you are aware of the obligations of company officers ie directors and secretaries, there is a booklet on the above link.
Many law firms have shelf companies which they can do a change of name job on. Usually they will have a standard memo and arts so if you want something specific then you may need to make some changes.
There are also a number of companies who can set up companies for you, from simple ones to more complex ones.
I have a questionnaire of the information you would need from when i have set companies up for people before, mainly property management companies if that would be useful, it's stored on my work directory though so I couldn't access it til Monday.
If you have a company name in mind then you can search here to see if it's already been taken. The helpline can also give you some guidance as to whether a name will be accepted too.
http://wck2.companieshouse.gov.uk/099967f65c5e c69a4ae7ef60b3c546fa/wcframe?name=accessCompan yInfo
There is also some very useful info in a booklet accessed off the first link.
York Place are pricier than some but can provide a great service...
http://www.yorkp
Argh!
They also have a very good guide here...
http://www.yorkplace.co.uk/pdf/basics.pdf
If property will be registered in the company name then keep an eye on the financial status on the company as there can be issues on dissolution.
You may find this useful...
http://www.bonavacantia.gov.uk/default.asp?pag eid=1312
Hope this helps :)
They also have a very good guide here...
http://www.yorkplace.co.uk/pdf/basics.pdf
If property will be registered in the company name then keep an eye on the financial status on the company as there can be issues on dissolution.
You may find this useful...
http://www.bonavacantia.gov.uk/default.asp?pag eid=1312
Hope this helps :)
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