Goaty:
Unless you do a Lease Purchase.
Correct Goaty!
Harry Monk:
And itās worth timing VAT registration so that the quarter-end occurs soon after paying the VAT on the truck, in other words register for VAT two months before you plan to buy the truck, so that you get the VAT back within a month or so of laying it out, rather than having to wait four months for it.
Also sound advice Harry! I registered the company and for VAT in the August so everything was in the company name for the o licence application. After a lot of time wasting by VOSA I never got going until 20th November and my VAT return was end of November. Because I hadnāt obviously been paid for any work by then the VAT money was straight back into my bank.
xfmatt:
Also sound advice Harry! I registered the company and for VAT in the August so everything was in the company name for the o licence application. After a lot of time wasting by VOSA I never got going until 20th November and my VAT return was end of November. Because I hadnāt obviously been paid for any work by then the VAT money was straight back into my bank.
My VAT rebate was the only thing that kept my bank balance above the minimum necessary for my second month of trading, the month for which I had to send bank statements to the TC. I have a three-vehicle O licence so needed to show Ā£16,100. With the rebate, I ended up Ā£23 over the minimum required at the month end so it was āskin of the teethā stuff.
And thatās another point I would like to make, if I may. Always apply for the largest O licence you can afford from the outset, because if you do want to expand from one to three in a few years time, then youāll just have to go through the whole O licence rigmarole again and stump up another Ā£800.
another benefit of a Ltd company is:
if something happens to you, and you can no longer work. you have a business to sell, a going concern complete with an oālicence, a truck, a trailer, and a fuel account.
if youāre self employed, you have a just another truck and trailer for sale.
thats what I like to here another man with the balls to set up his own business. scary at times, but you will wonder what might have been for the rest of your life if you dont give it a try. now the serious bit, if you decide to give it a go then do it slowly and investigate everything you can think of, thers plenty of good advice on this forum but only you and your gut feeling will know whats right and whats utter crap for your own situation. you will have many sleepless nights but also many days when you will feel proud of what youve achieved, so even at this early stage do the groundwork thoroughly and you will save yourself problems further down the road of operating your own business, good luck mate and dont be afraid to ask on here for advice no matter how trivial/stupid it may sound.
This an excellent thread with plenty of help and advice unlike the usual doom merchants trying to put you off. Keep it up lads everyone has to start somewhere.
yes, thankyou all very much, it honestly is a big help, and much appreciated.
its clear to me already, that although i know my job, my way around, and the right way and the wrong way, there is clearly so much i need to learn. think the next 2 years whilst i save, are going to busy doing lots, and lots of research, and prob asking some very daft questions on here. but if you donāt know, ask, and i can already see a wealth of knowledge worth listening to on this thread alone.
i am determined to give it a go, but want to do it as best prepared as i can, iām in no rush, iāve been an empoyed driver for 20 years, another couple wonāt hurt.
i also clearly know the specific type of transport i want to do, iāll be starting on general, to build up the right referenes and ratings, but it will all be aiming towards something else 
Harry Monk:
And thatās another point I would like to make, if I may. Always apply for the largest O licence you can afford from the outset, because if you do want to expand from one to three in a few years time, then youāll just have to go through the whole O licence rigmarole again and stump up another Ā£800.
That is my biggest regret. I only applied for 1 trailer and 1 unit and have recently been offered the opportunity to expand but as I donāt currently have my own cpc Iām pretty stuffed. That is next in the pipeline for me and will hopefully get it done in the first exam of next year.
xfmatt:
Harry Monk:
And thatās another point I would like to make, if I may. Always apply for the largest O licence you can afford from the outset, because if you do want to expand from one to three in a few years time, then youāll just have to go through the whole O licence rigmarole again and stump up another Ā£800.That is my biggest regret. I only applied for 1 trailer and 1 unit and have recently been offered the opportunity to expand but as I donāt currently have my own cpc Iām pretty stuffed. That is next in the pipeline for me and will hopefully get it done in the first exam of next year.
i know they said they were going to get rid of margins.
did this happen?
No.
limeyphil:
i know they said they were going to get rid of margins.
When did they say that? If they got rid of margins how would people hire in extra vehicles to cover periods of peak demand? Are you sure youāre not getting mixed up with them saying that they would be revoking āemptyā licences of people who had no vehicles and no plans to have them but were keeping hold of the licence ājust in caseā?
Paul
repton:
limeyphil:
i know they said they were going to get rid of margins.When did they say that? If they got rid of margins how would people hire in extra vehicles to cover periods of peak demand? Are you sure youāre not getting mixed up with them saying that they would be revoking āemptyā licences of people who had no vehicles and no plans to have them but were keeping hold of the licence ājust in caseā?
Paul
it was definatley margins. it was a traffic commissioner that was on about it in a magazine article. a few years back i think.
chilistrucker:
cheers.
as iām sure you lot already know there are so many variables.
woke up at stupid oāclock this morning, so just randomly started looking at trucks for sale, then tyres, trailers etc, etc there is an awful lot to take in. think as much research as possible is a must, i feel a steep learning curve coming on
Here is probably the most expensive truck you could buy trucks.autotrader.co.uk/used-tru ā¦ b1a3e436ce
That has to be a mistake? Ā£13,900 for a euro 5 Volvo FH12?
Harry Monk:
That has to be a mistake? Ā£13,900 for a euro 5 Volvo FH12?
Its a con, look no no plate, if you rang there would be any amount of excuses why you couldnt view it.
I thought it looked familiar, Fleetex were selling them (ex Culina) last year same mileage.
My first thought too was bloody hell, bargain, I might have that. 
puntabrava:
Harry Monk:
That has to be a mistake? Ā£13,900 for a euro 5 Volvo FH12?Its a con, look no no plate, if you rang there would be any amount of excuses why you couldnt view it.
itās right, weāve just bought six of them. about 5 years old, and like brand new inside and out.
This is the best po thread Iāve read about setting up on here, nice to see some positive rather than negative attitudes to it, Iām seriously thinking of taking this route my self , I have q yard in mind in my local area & the type of work & truck I would need , its just getting ny head around all the bits n pieces, harry could you share some more info on being a limited company & employing myself ?
I set up a limited company online, took about 10 minutes and cost Ā£16.99. Iām an employee of that company. It pays me so little that I fall beneath the PAYE and NI threshold, although it also pays me back the money I lent it periodically and that is tax-free.
After it has paid that back, if I want to take money out of the company then Iāll take it as a dividend, not wages, tax is less on dividends than wages. My accountant deals with the finer points of it though as he has a much better grasp of it than I do.
There are both advantages and disadvantages to being limited company compared to sole trader, a limited company is taken more seriously by creditors, a sole trader doesnāt have to publish accounts publicly are just a couple of examples but you should check out whatās best for your personal circumstances