anyone give me an insight as to whats involved and if you have done it yourself how was it, just an idea at the moment but looking for specifics on o license etc
Buying & setting up an “off the shelf” LTD company is quite simple, in fact the most demanding thing is probably going to be applying for a totally new ‘O’ licence as it’s thought of as a ‘different entity’ in the eyes of the licencing authorities.
Ross.
so to carry on as i am now with the same vehicle etc i would still have to reapply for a license if i changed to ltd?
yes you would!
if your not financed up to the hilt i dont think its worth it myself i’ve been a sole trader since 1997 and have run 1 truck without any probs
moose
chaversdad:
so to carry on as i am now with the same vehicle etc i would still have to reapply for a license if i changed to ltd?
Yep, the whole lot right from the start again. Newspaper adverts, proving financial standing, the lot. I went to a “new operator seminar” with vosa the other week and one lad who was there had been an owner driver for 26 years but because he had changed from s/e to ltd. they considered him a new operator so he had to attend.
Paul
chaversdad:
so to carry on as i am now with the same vehicle etc i would still have to reapply for a license if i changed to ltd?
Absolutely 100% mate, I know a tipper bloke who went limited and got ‘collered’ 2 yrs later by Vostapo during a paperwork check at his operating centre. We’d already told him (we did his servicing / inspections at the time) he’d need a new ‘O’ licence and like the little ‘know all’ he is, he reconed he’d be OK as he’d been trading for over 20 years. They gave him 30 days (I think) to get a new licence, he did this with some frantic running about, now his ‘O’ licence reads ■■ XXXXXXX LTD!!
At the end of the day, as long as it’s covered by a licence what difference does it make? His trucks wanted for nothing, his pass rate at anual test was excelent and his tacho’s were OK (ish) By all accounts, the attitude of the LA was as if he’d been running on someone elses licence!!
Good luck with whatever you choose, going limited is your safest way forward. I was nearly ‘taken under’ by an insurance company following the theft of a trailer from a customers premises, had I been limited I doubt they’d have bothered to push but as a home owner these ‘bottom feeders’ will do anything to get their money back. But that’s another story.
Ross.
You do need a new licence if you go ltd, they don’t like it at all if you don’t tell them before you’ve gone ltd and request a new licence.
Borderline wether it’s worth the grief unless you are coining it in.
Couple of years as a sole trader, I made £130k per year and boy did I wish I was ltd when the tax form came in. I was just petrified if I applied to change the licence they’d come snooping as they tend do this when anything at all changes not that I do anything bad, but as everone knows if they want to they will find things they can do you for, no one is perfect. Once you’re on their radar you’re in for a world of pain.
One way around it, operate your business as a “LTD”, all the risks and contracts [of supply ect], go through this entity, and run the truck as sole trader, one invoices the other, for services supplied ect…
keep the sole trader below any tax earning thresholds, and plough all the profits through the “LTD”.
This way, you can keep all the “good” things about being self-employed, and you get the benefits of being a director of your own business.
Just makesure your new business has a different name completely, and use your accountants address for any legal stuff,
I.E. Jimmy Jones T/A JJ Trucking [Sole trader] + Blue SKY Ltd , so there ain`t too much to see from an audit point of view…
Blue Sky Ltd, becomes your customers point of reference, JJ Trucking then gets the work sub-contracted to it, and invoices Blue Sky Ltd for the work done, this way, there is no problem with your “O” licence, Blue Sky Ltd acts as a forwarder/clearing house.
It will make your accountant sweat a bit, they don`t like you to be too clever, OR, use seperate accountants 
, and keep your mouth shut !!!
It has worked for me + one or two others I know in the past…just a thought 
Sneeky! 
Silver_Surfer:
Sneeky!
I know 
The best part about it, accountants charge thousands for this type of advice
Silver_Surfer:
Sneeky!
Indeed, but 100% legal. Bigger people than us hide behind the protection of ‘limited liability’, and since the latest legal low life move of ‘pre-pack’ agreements with liquidators where a company can bring in insolvency practicioners and make a deal buy back the assets of their own company whilst still trading.
A certain large container haulier did this, they already had a new O licence in place and bought back the assets (they’d ‘cherry picked’) from their liquidators, closing (I think) 2 out of 5 depots and leaving the government to pick up the redundancy costs while they kept their profit making divisions. I clearly remember the comment in C/M from the MD saying that they would endeavor to pay all creditors of the old company, whatever!! I wonder how much in the pound they got■■?
These ‘pre-pack’ agreements are (at least) immoral, but legal. Lord knows how!!!
One of the few things I can think of that compares to this kind of legal robbery is the government adding fuel duty to the price of petrol & derv and THEN adding VAT!!! Leaving the good people of this country paying a 20% tax, on a tax!!!
Pre-pack & fuel duty + VAT!! Rant over. (for now)
So get youself behind a Limited Liability company to protect yourself, bigger & richer people than us do.
Ross.
thanks for the replies fella,s, that little trick with the 2 companys is something i,m looking into tomorow
chaversdad:
thanks for the replies fella,s, that little trick with the 2 companys is something i,m looking into tomorow
Where do I send the invoice to ■■?
Seriously though, good luck
How you gone on, are we on for “Chaversdad Group” yet ■■?
not quite i,m thinking of letting the missus start up in her name so she feels important
Very very clever Mr Mitchell. Lovin your work.
Bear:
Very very clever Mr Mitchell. Lovin your work.
Thank you Mr Bear, on a recipricol note, I don`t half like your kit, very subtle 
a. You may be required to give personal guarantees in order to obtain credit in the name of a limited company .
b. Potential to save some NIC contributions by drawing off earnings as dividends . ( the divendends will have to go on both your personal tax and corporation tax returns
c. You will have to register for corporation tax and obtain a new Vat registration in the name of your limited company
d. Setting up an off the shelf company takes five mins
e. If you forget to complete your annual returns there are automatic fines
N.I Express:
a. You may be required to give personal guarantees in order to obtain credit in the name of a limited company .b. Potential to save some NIC contributions by drawing off earnings as dividends . ( the divendends will have to go on both your personal tax and corporation tax returns
c. You will have to register for corporation tax and obtain a new Vat registration in the name of your limited company
d. Setting up an off the shelf company takes five mins
e. If you forget to complete your annual returns there are automatic fines
all valid points and ones i am already dealing with, thankyou