Can I apply for ops licence if I want it to be issued in limited company name.my circus are I haven’t yet got my company number or management cpc or ex TM, but am wanting to start wading through the 101 jobs iv got to do to start the wheels turning.
And because my money is in a personal account and not that of a limited bank account , what will I have to do there?
Thanks in advance
Firstly you’ll have to set up a Limited Company, this will only take about 20 minutes and cost £15, just Google for “set up Limited Company online”. You won’t be able to apply for an O licence as a Limited Company until you do this. Secondly, you will have to open a business account in the name of your Limited Company before you apply for your O licence because money held in your personal bank account won’t be considered as financial standing. Alternatively you could apply for an O licence as a sole trader, though if you wanted to change to Limited Company later you’d have to go through the whole application process again.
To apply as limited company you need the cash in company account, you could maybe get the ball rolling now but better cpc or tm in place, the will ask you for it before going far with the application.
If you down load the O/L application form and the guidlines you should find all the answers you need.
I may be wrong but if I recall correctly you do Ltd Co online and get the number almost instantly download your corporation certificate, to open bank account you’ll need corporation certificate, letter head (own computer will do) and personal id should take about 2 weeks you’ll have cheque book, cards, online kit all in that time, VAT registration takes a bit longer you fill out the form for expected turnover so you are therefore voluntary enrolling, (as its voluntary they need to approve it) I think it takes a couple of weeks however you are allowed to write on your invoices VAT pending or applied for and it is your choice whether you charge VAT or not in the intrim, it is also your customers choice to pay VAT or not because you won’t have a number at that point.
The VAT sounds more complicated than it really is, you can reclaim VAT on all business expenses for 6 months prior to trading and 3 years prior for capital expenses for example a truck is capital expense, paper is a business expense.
Find an accountant should be in the region of £1000-£1500 and it may well serve you well to pay monthly saves having a big bill.
Just a thought its not essential to be a Ltd company.
For example if your Ltd company has more liabilities than assets your not allowed to pay yourself a dividend and therefore you will need to pay yourself under the PAYE scheme which is more expense to do than dividend and can be more expensive than paying yourself under the sole trader heading.
Other people may have a different opinion than myself, I’m sure someone will soon try and point out where I am wrong. So best get that accountant now.
Once again Good luck keep asking, keep learning.
Yet again my opinion do your CPC now, you may not have time in the future.