starting one off, does anyone know an easy way to do it? also how do you go about getting a buisness account opened ie what sort of paperwork etc do u need? cheers.
talk to an accountant and talk to your bank of choice. my mate needed proof of limited company status before he could open a business account. his accountant sorted out companies house etc for him.
i on the other hand got a business account and still havent upgraded to limited company yet after over 2 years. to be fair, i havent activated the account yet either but its there for me when i am ready. unfortunately i had planned on it soon but its on hold for now since i am finally getting VAT registered with backpayment 
Talk to accountant, find 1 thatll work with your business Then either get accountant to do it, or DIY & setup company registration & get company registration No Take company Reg No to bank of choice, (+ IDs etc.) open bank account(s)
Take Co Reg No & Bank account No(s) to accountant, without these the accountant cant really do anything Either pay them >£250 and theyll finalise the other details with HMRC (for Ni PAYE corporation tax VAT etc.), or MTFU and finalise them yourself.
Or just do what 1000`s of other do and wimp out and use an umbrella Co …
cheers lads, wont use an umbrella company as there robbing ■■■■■■ do ye need to take article of assciation with ye to the bank as well?
Go to companies house website buy a Ltd company of your choice get certificate more or less same day by email if you not got a bank account cheapest way to get one is by using Cash plus but you’ll need your certificate number plus need to send them a bill and certified copy of passport or drivers license. £30 for card but thats all you apy over the year.
For you guys who are limited and pay yourself a weekly salary, do you need to take account of this new legislation ?
hmrc.gov.uk/paye/file-or-pay … dlines.htm
Go on Google, search for “Limited company formation” or “form limited company” or similar, and do it online. Costs about £15 and takes 20-30 minutes, they register the company at Companies House for you.
I opened a free for life business account with Abbey (now Santander) & didn’t need anything more than the usual proofs of identity. Opened it a few years back as a sole trader T/A. It’s a LOT different to opening a bank account in the name of a limited company, but I can’t see any reason why you can’t operate a LTD company that uses a sole traders T/A bank account.
All of this can be explained by a good accountant, you need to find a good accountant because the difference between a good one & a bad one is as true for accountants as it is for lorry drivers.
P.S. You might have no wish to run away from the Circus to join an Accountants, but if you’re going to be dipping your toes into the world of LTD Co’ status then you need to read up just a little on accountancy practices & familiarise yourself with what it’s all about.
Chas:
if you’re going to be dipping your toes into the world of LTD Co’ status then you need to read up just a little on accountancy practices & familiarise yourself with what it’s all about.
Which is why I always point anyone embarking on such a venture towards the HMRC business education support team (BEST) hmrc.gov.uk/startingup/help-support.htm, and they`re informative FREE seminars, & webinars
Pay yourself less than your personal tax allowance a year in wages and take the rest as dividends.
The basic rate of tax on dividends is 10%, but because corporation tax has already been deducted from the company’s profits, dividend income up to the higher rate tax threshold of £32,010 is considered to be ‘franked’ by a dividend tax credit, meaning that HMRC considers that corporation tax already paid covers the 10% tax due on the dividend, so a contractor can effectively earn up to £32,010 plus their £9440 tax allowance without paying additional tax.
Harry Monk:
Pay yourself less than your personal tax allowance a year in wages and take the rest as dividends.
Tax avoidance / tax evasion is a big debate that is best not discussed whilst waving a copy of The Sun newspaper in the air.
I really wish that the decent & honest amongst us would direct our energies towards what I call tax injustice. I pays my dues, I just wish everyone else would too.
Chas:
Harry Monk:
Pay yourself less than your personal tax allowance a year in wages and take the rest as dividends.Tax avoidance / tax evasion is a big debate that is best not discussed whilst waving a copy of The Sun newspaper in the air.
I really wish that the decent & honest amongst us would direct our energies towards what I call tax injustice. I pays my dues, I just wish everyone else would too.
Anyone doing it this way is paying their dues. They’re just paying no more than absolutely needed too.
Absolutely, it’s nothing to do with tax avoidance or tax evasion, I’m a Limited Company and I’m obliged to file accounts and make them publicly available, all tax issues and returns are handled by my accountant, who has a High Street office and employs five staff. He wouldn’t risk all of that cooking the books for some hairy arsed truck driver.
It’s just about paying what you owe and nothing more. If you bought a bar of chocolate, you wouldn’t offer to pay 40% VAT instead of 20%, would you?
Harry Monk:
Absolutely, it’s nothing to do with tax avoidance or tax evasion, I’m a Limited Company and I’m obliged to file accounts and make them publicly available, all tax issues and returns are handled by my accountant, who has a High Street office and employs five staff. He wouldn’t risk all of that cooking the books for some hairy arsed truck driver.It’s just about paying what you owe and nothing more. If you bought a bar of chocolate, you wouldn’t offer to pay 40% VAT instead of 20%, would you?
So only the daft ■■■■■ have to pay tax then?
Chas:
Harry Monk:
Absolutely, it’s nothing to do with tax avoidance or tax evasion, I’m a Limited Company and I’m obliged to file accounts and make them publicly available, all tax issues and returns are handled by my accountant, who has a High Street office and employs five staff. He wouldn’t risk all of that cooking the books for some hairy arsed truck driver.It’s just about paying what you owe and nothing more. If you bought a bar of chocolate, you wouldn’t offer to pay 40% VAT instead of 20%, would you?
So only the daft [zb] have to pay tax then?
Your missing the point big style.
Anyone running a Limited company IS paying tax. But instead of paying it as Personal Tax, it’s being payed as Corporation Tax by the business itself.
Chas:
Harry Monk:
Absolutely, it’s nothing to do with tax avoidance or tax evasion, I’m a Limited Company and I’m obliged to file accounts and make them publicly available, all tax issues and returns are handled by my accountant, who has a High Street office and employs five staff. He wouldn’t risk all of that cooking the books for some hairy arsed truck driver.It’s just about paying what you owe and nothing more. If you bought a bar of chocolate, you wouldn’t offer to pay 40% VAT instead of 20%, would you?
So only the daft [zb] have to pay tax then?
Everyone has to pay whatever tax is due to HMRC. I have to abide by HMRC’s rules, and I do.
You are right in one respect though, I wouldn’t want to try to explain tax rules to anyone waving a copy of the Sun newspaper in the air. 
dew:
Your missing the point big style.Anyone running a Limited company IS paying tax. But instead of paying it as Personal Tax, it’s being payed as Corporation Tax by the business itself.
I don’t think that I am.
You can call a tax by any name you wish to & I am not the type to be fooled by anyone into thinking that any form of tax that is surreptitiously levied on us is anything other than a tax.
I’m PAYE & therefore not in full control of my tax exposure. Should I go LTD to reduce my tax bill?
Of course I should, I’d be damned stupid not too. But am I?
I’ve conciously chosen this route because I have a social conscience, I actually think paying tax makes a positive difference to the world I live in. I share that world with tax avoiders & tax evaders, i don’t have a problem with tax avoiders or evaders, I have a problem with a system that has allowed it to flourish.
We all hate bankers yes?
I don’t see a difference between a banker & a tax avoider / evader.
I don’t hate you, I pity you.
I see the point Chas makes and tend to agree.
it seems that only those involved in PAYE actually pay their moral dues taxwise and everyone else uses legal wording and rules to escape a portion of it.
In that respect the lorry driver using Ltd co status to reduce his tax bill legally is no different to the multinationals using tax havens .
It’s legal but is it right?
As long as we see the rich and powerful doing the same thing can we really grumble when the lowly truck driver jumps on the same bandwagon?
I don’t think so, start the reforms on tax with the ones sheltering millions of £’s and work down to the worker saving a few hundred quid.
as I keep getting told “we are all in it together”
Chas:
We all hate bankers yes?I don’t see a difference between a banker & a tax avoider / evader.
I don’t hate you, I pity you.
FFS, will you get this into your head for once and for all.
Paying the right amount of tax due and nothing more does not make someone a tax avoider or a tax evader.
Now, for the love of Pete, stop reading the Sun. Don’t whine about bankers if you are prepared to read their daily bulletin telling you what to think.
Evading/Avoiding tax is not paying it at all, by any means.
Paying the right amount via a LTD company is not avoiding taxes, it’s paying the correct tax for the situation…