Owner drivers that are "limited comapnies"

UK PROFESSIONAL DRIVERS FORUMS OWNER AND FLEET OPERATORS FORUM (INTERACTIVE)
1

Hi all, just wondering if many of you have started on your own as a limited company?
Cheers
DBT

2

I started as a sole trader then after advice from the accountant switched to ltd after about five years. It was a right pain!

3

Started as limited.

4

I’m looking at starting as limited,
I’ve had two price’s from different accountants, one is £99 per month then added cost’s throughout the year for various things, the other is £115 per month, they both are full package deals if you like, but as I’ve never done this before I don’t know if it’s a good price or not?!
Thanks
DBT

5

Hello All - I will keep a watch on this post as i keep thinking the same :smiley: does and don’ts and worth it or not !!!

6

I’m limited company. There are advantages and disadvantages to both but for me the advantages outweighed the disadvantages, chiefly that my own personal assets are protected should some disaster befall me as a result of running the truck. Either way, decide from the word Go how you want to do it, if you change from sole trader to limited company later, you’ll have to go through the whole O licence application again from the newspaper advert onwards.

Your figures for accountant are about what I pay, there are cheaper accountants locally but mine is ■■■■ hot, some accountants seem to think they are working for HMRC. :stuck_out_tongue:

7

Comparing accountants packages is a bit like comparing mobil deals! best of luck.

I pay £50.00 pm but take care of basic book keeping and vat myself.

8

dbt:
I’m looking at starting as limited,
I’ve had two price’s from different accountants, one is £99 per month then added cost’s throughout the year for various things, the other is £115 per month, they both are full package deals if you like, but as I’ve never done this before I don’t know if it’s a good price or not?!
Thanks
DBT

Dafydd, i really do wish you would actually read what you have written before you click the submit button :unamused:

how can it be a “full package deal” if there are “added cost’s throughout the year for various things”?

it is either a full package deal, or it isn’t, and, the first one clearly isn’t :wink:

9

Ltd co, no brainer.

10

Limited for sure.

11

am I correct in saying that if you are limited,and get a camera summons then you cannot get points if you refuse to say who the driver was,only the fine.whereas a private individual will also get points as well as the fine for refusing to say who was driving…im sure that used to be the case…and limited or not,then you still need to put up collateral for anything borrowed etc,so same horse,diff jockey in the end?

12

I’ve been a limited company for 3 years but am planning on going “sole trader” at the end of the month. Much less complicated and much cheaper accounting. My only company asset being the van, it won’t beak the me if it all goes to pot.

13

Can you do all accounting on your own or you really have to have a proper person to do that?

14

Wilk:
Can you do all accounting on your own or you really have to have a proper person to do that?

Bit of a learning curve and always the risk of missing a trick.
That said the more of the donkey work you do yourself the smaller the accountants bill.

15

bazstan009:

Wilk:
Can you do all accounting on your own or you really have to have a proper person to do that?

Bit of a learning curve and always the risk of missing a trick.
That said the more of the donkey work you do yourself the smaller the accountants bill.

I would say it is extra skill :wink: