fly sheet:
Who out of You with one are trading as a limited company on here? Just out of interest.
I’ve been limited ever since I started working as a self employed driver back in 2005, used the same Ltd. Co. for the 2.5 years as an O/D and am still using it now back as an S/E driver.
Paul
fly sheet:
Who out of You with one are trading as a limited company on here? Just out of interest.
Not me, always been a one man band sole trader on the haulage. Never had my name on the door either and although I run a small ad in the trade mags for ad hoc work, most of my good regular work customers have come through word of mouth after being recommended by others.
Its like my old Mum always drilled into me, a good name travels far, but a bad name travels the furthest.
But…
if I had to employ or rely on other people to do the job for me with several trucks, I would seriously consider and probably take the Ltd route 
I was advised to do it when running old tackle to keep the ministry/police away & it worked in fairness.
I only went up to two a couple of times but it was’nt for Me but I hear You Joe its probabaly a wise move if your a fleet. I never got any work from My name on the door at all btw. I never have advertised & always have been word of mouth too, I understand an advert or two in your specialised field could help match a few things together. Hows it going anyway is it as busy as when You parked it up?
Yes newmercman fair play to Harry He’s had us all going, you’ve gotta give it to Him. I feel silly now but heh ho such is life.
fly sheet:
I was never a Limited Co, I just had big balls & had My name on the door, if You only have one I never saw the point unless You start out thinking You may fail.Im sorry I jumped in I must be getting touchy to sly remarks on here.
Who out of You with one are trading as a limited company on here? Just out of interest.
I did run with the clients name on instead of my own over the years at there request & paid for by them, wether on a tilt sheet or cab it never bothered me either way.
Are Gregorys not wanting to have yours in the paint shop Harry? I would have thought being a big corporate affair they would be on to that like my clients where. Nothing worse than trucks & trailers not matching in this day & age imho…
Traded as a partnership in 03 and had 3 Ltds since. Works for me.
Name on the door and website have both brought in business.
fly sheet:
Hows it going anyway is it as busy as when You parked it up?
In a word, dead 
but then at this time of the year is rarely on fire anyway.
The £ is too strong for the euro export market, and the UK farmers have had a ■■■■ year because of the weather.
On a plus note from 1st Jan 2013 the UK tax relief on plant will increase from £25k to £250k, thats after they cut it last year from £100k 
but hardly anyone has made any money so not many will be spending to avoid paying tax.
We’ll see how it goes, I’m a patient man.
Sorry to hear this Joe, lets hope for better things in 2013, I don’t want to be the bringer of despair but I can’t see anything getting any better untill The EU implodes, there just patching the dingy every week it needs to sink & let the PIGS be gone & go again with them who should be in it. This is in no way a pop at those countries I like them all but not as they are needing & dragging the rest of The EU down.
Personally, I think the decision as to whether to be a sole trader or a limited company is one of the most important early decisions to make, if you need to change later because of expansion then the whole O licence application has to be gone through with again, from the newspaper advert onwards.
As I see it, the only advantages of being a sole trader are that it’s slightly easier in that you don’t have to open another bank account, and you also don’t have to make your trading figures publicly available which means that if, like me, you have an internet stalker, it gives him one less thing to do.
The advantages of trading as a Ltd Co are that you personally are protected against any losses the company may make or any major claim for damages made against it, you will be taken more seriously as a trading entity, and that you can use your relationship with your limited company to your advantage when planning tax affairs, in the same way that Google/Starbucks/Amazon etc exploit the relationship between their different companies, albeit on a much smaller scale.
Furthermore, if you do decide to pack it in after a year or two, then a Ltd Co with a trading history and a good credit rating can be sold, even if it has no assets.
As for running a truck just to have your name on the doors, ever since I took the test in 1986 and started out as an employee it’s one thing I have always said I would never do if I ever operated a truck, and something I stuck with when I eventually started operating one, although if other folk do then as far as I’m concerned then that’s entirely their business.
I certainly have’nt ever ran a truck just to have My name on the door, a lorry has only ever been a tool of My trade with which to turn a profit.
Thanks for the heads up on the plus points of not being a sole trader its very interesting.
I thought given Your connections to Richard You’d have been one for a livery sorry My mistake. He loved a nicely turned out truck with the name emblazoned on it did’nt He. The roads are a worst place to be without liveried trucks of course this is imho.
Pros and cons…but to pick a few holes in your post Harry…
Harry Monk:
Personally, I think the decision as to whether to be a sole trader or a limited company is one of the most important early decisions to make, if you need to change later because of expansion then the whole O licence application has to be gone through with again, from the newspaper advert onwards.
If your already in business, an application for another o/licence can be run alongside an existing one, and if a new one was needed urgently an interim licence would automatically be granted to someone with an existing good record.
Harry Monk:
As I see it, the only advantages of being a sole trader are that it’s slightly easier in that you don’t have to open another bank account.
Its actually easier to have seperate personal accounts for private spending even as a sole trader/partnership, it certainly makes the accountants job a lot easier
Harry Monk:
The advantages of trading as a Ltd Co are that you personally are protected against any losses the company may make or any major claim for damages made against it,
Have to really disagree here, its what your Public Liability and Goods In Transit Insurance is for, and most customers wether they’re your own account or A.N. Others Ltd who have subbed their work to you will expect you to be covered and not duck out from a claim by hiding behind Limited liability.
Harry Monk:
you will be taken more seriously as a trading entity
your only as good as the last load you did. Even with a contract, ■■■■ it up and the contract is broken.
Harry Monk:
and that you can use your relationship with your limited company to your advantage when planning tax affairs, in the same way that Google/Starbucks/Amazon etc exploit the relationship between their different companies, albeit on a much smaller scale.
with 1 truck your funny.
Harry Monk:
Furthermore, if you do decide to pack it in after a year or two, then a Ltd Co with a trading history and a good credit rating can be sold, even if it has no assets.
Sole Trader, Partnership or Ltd Company, they can all be sold wether it be for the assets or goodwill.
Harry Monk:
As for running a truck just to have your name on the doors, ever since I took the test in 1986 and started out as an employee it’s one thing I have always said I would never do if I ever operated a truck, and something I stuck with when I eventually started operating one, although if other folk do then as far as I’m concerned then that’s entirely their business.
But you’ve got your companies name on the door, is that not the same thing?
You fellas are funny.
MR VAIN:
You fellas are funny.
Why’s that Chap?
I’ve got a new FH16 750 on order and a contract pulling boxes out of Felixstowe. Can’t wait to get started…
switchlogic:
I’ve got a new FH16 750 on order and a contract pulling boxes out of Felixstowe. Can’t wait to get started…
This time next year you and the legohead will be millionaires 
kr79:
switchlogic:
I’ve got a new FH16 750 on order and a contract pulling boxes out of Felixstowe. Can’t wait to get started…This time next year you and the legohead will be millionaires
Only because they’re billionaires now 
newmercman:
kr79:
switchlogic:
I’ve got a new FH16 750 on order and a contract pulling boxes out of Felixstowe. Can’t wait to get started…This time next year you and the legohead will be millionaires
Only because they’re billionaires now
Yeah what was the saying. How do you make a small fortune out of lorrys. Start with a big fortune.
Big Joe:
Harry Monk:
Personally, I think the decision as to whether to be a sole trader or a limited company is one of the most important early decisions to make, if you need to change later because of expansion then the whole O licence application has to be gone through with again, from the newspaper advert onwards.If your already in business, an application for another o/licence can be run alongside an existing one, and if a new one was needed urgently an interim licence would automatically be granted to someone with an existing good record.
It’s still quite a ballache and expense though, just for the advert and the O-Licence fee you’re talking over 500quid so you might as well try and get it right from the start. Plus there’s the new bank accounts to open, and most places you have a credit line will require a new application (fuel cards being the obvious one), and anything you have with outstanding finance has to be transferred over, etc. etc.
Big Joe:
Harry Monk:
and that you can use your relationship with your limited company to your advantage when planning tax affairs, in the same way that Google/Starbucks/Amazon etc exploit the relationship between their different companies, albeit on a much smaller scale.with 1 truck
Whilst I’m not familiar with how the tax affairs of someone who is self employed work I am let to believe that you are generally better off in this regard as a limited company. The scope for tax avoidance might not be quite on the same scale as the companies that have recently been in the news but the principles are the same and if you do it right you can end up paying very little tax.
Paul
Mr vain. You sir, have hit the nail on the head. Funny indeed…
repton:
Big Joe:
Harry Monk:
Personally, I think the decision as to whether to be a sole trader or a limited company is one of the most important early decisions to make, if you need to change later because of expansion then the whole O licence application has to be gone through with again, from the newspaper advert onwards.If your already in business, an application for another o/licence can be run alongside an existing one, and if a new one was needed urgently an interim licence would automatically be granted to someone with an existing good record.
It’s still quite a ballache and expense though, just for the advert and the O-Licence fee you’re talking over 500quid so you might as well try and get it right from the start. Plus there’s the new bank accounts to open, and most places you have a credit line will require a new application (fuel cards being the obvious one), and anything you have with outstanding finance has to be transferred over, etc. etc.
Big Joe:
Harry Monk:
and that you can use your relationship with your limited company to your advantage when planning tax affairs, in the same way that Google/Starbucks/Amazon etc exploit the relationship between their different companies, albeit on a much smaller scale.with 1 truck
Whilst I’m not familiar with how the tax affairs of someone who is self employed work I am let to believe that you are generally better off in this regard as a limited company. The scope for tax avoidance might not be quite on the same scale as the companies that have recently been in the news but the principles are the same and if you do it right you can end up paying very little tax.
Paul
Pretty much answered it as I would have done. I thought the second point was faintly bizarre, in that it clearly implies that if you only operate one vehicle then you may as well pay thousands of pounds a year more in tax than you have to.
Big Joe:
If your already in business, an application for another o/licence can be run alongside an existing one, and if a new one was needed urgently an interim licence would automatically be granted to someone with an existing good record.
The two times I’ve needed interim authority, with existing licences and a good record, there’s never been any sense of urgency at VOSA in sorting it out. If something you want to do requires a major variation I don’t think you can assume you’ll be able to start legally doing it any sooner than it normally takes the wheels of bureaucracy to grind.
Unless they’ve changed somewhat in the last 12 months I’ve found VOSA to be very efficient in there affairs in the last few years.