Ltd company registwring

myright

I need to create a Ltd company to do some contracting work.

What's the best of registering it? And how much does it cost?

Thanks

pooch

myright wrote: »

I need to create a Ltd company to do some contracting work.

What's the best of registering it? And how much does it cost?

Thanks

Do a google - there's plenty of agents that will offer to form a limited co for you and their prices are quite clear - they start at about £16-£20 for the very basic service.

It may be worth paying a little more for the added extras, or perhaps consider using your accountant to help you... I'm sure they will be happy to give you a price and full details of what they will provide for that price

Have you considered the easy option and using an umbrella co. instead?

myright

Hi mate

This is the first time I've ever done something like this.

I've been told to stay away from an umbrella company because they take a chunk of the wage before you get to keep it.

And thanks I will Google shortly, when you say basic services and extras what are we talking about? What should I expect?

AbbieCadabra

filing annual accounts for a ltd. aren't usually considered a diy job, so wise to have an accountant. also, make sure that you are aware of your responsibilities as a director, info here. so many people go rushing into setting up a ltd without doing basic research first, not saying that's you in this instance , but best to be aware.

paddyrg

Umbrella companies withhold a chunk of change, but from that they pay your tax, NI (employers and employees), maybe even withholding holiday, and their fee - then pay what's left into your bank. With your own limited company, your would still be liable for most of these stoppages, but instead of a monthly fee, you'd pay an annual accountants fee to prepare your year end. Cheapest is about £750 with a self service online company , mine is over a grand with a real accountant. If the monthly fee for the umbrella company is under say £1000/12 per month, you're probably no worse off.

myright

Thank you guys. The above makes a lot of sense.

So would it be a better idea to get an accountant to set up / register a company name? Or could I just do that online fairly easily as the online sites suggest. It's costing about 17 pounds. Probably won't need to pay an accountant for this.

But I'll get the accountant to manage my accounts every month.

As to umbrella company I really must check what their offering.

paddyrg

myright wrote: »

Thank you guys. The above makes a lot of sense.

So would it be a better idea to get an accountant to set up / register a company name? Or could I just do that online fairly easily as the online sites suggest. It's costing about 17 pounds. Probably won't need to pay an accountant for this.

But I'll get the accountant to manage my accounts every month.

As to umbrella company I really must check what their offering.

Unless you have a lot of clients, I suspect the umbrella will be the easiest way to go and may not cost you more. With an accountant, it is not a monthly cost you worry about it is an annual cost which will mean their fees Plus all of the stoppages mentioned above ie you will pay corporation tax national insurance personal income tax, and still have to do a heap of your own paperwork. A 'year end' for corporation tax is a big deal, that's what costs a grand in itself. Month by month stuff (ie bookkeeping for vat, PAYE) is on top, although you may get a deal of some kind, it won't be as efficient as an umbrella in most cases.

AbbieCadabra

we use an online accountant, could be suitable for you, ltd co. range of fees here. think they charge an extra fee if you require extensive advice, but day to day queries (within reason) are covered in the monthly fee.