Setting up a Limited Company
Thu, 09/02/2006 - 11:16
Hello
I've been reading up on how to set up a limited company and it seems that formation agents offer different levels of packages . These range from 'basic' to full corporate packages.
I'm tempted to go for the basic package , not just for the cost, but because that seems to be all that I would really need and I can handle the rest myself.
However I don't want to regret this at a later date for the sake of less than £100.
Does anyone have any advice on this ?
Thanks
Karen
Thu, 09/02/2006 - 19:49
#1
Cheap and Cheerful
Hi Karen,
I have registered recently using a formation agent. We went for the basic package, which is also what I would recommend that you do too. I'm pretty sure that the extra's are there to tempt you into spending more.
I used Simple Formations at: www.simpleformations.com/basicpackage.htm
They seemed very good and offer 24 hour set up for £35 which I found to be very reasonable.
Good luck.
Ollie
Ollie
Velocity Bars Ltd.
www.velocitybars.co.uk
Fri, 10/02/2006 - 17:16
#2
Simple formations
I used Simple Formations too and it worked out well. As Ollie says, the extras are just there to tempt you to spend more.
Ian
Wed, 08/03/2006 - 17:44
#5
The Flyingstartups Site is so Useful!
Hello everyone,
I have just been navigating this site for info about Formation agencies and Limited Companies and lo and behold - there you all are! Just what I needed to know.
Cheers Ollie et al.
Wed, 08/03/2006 - 19:52
#6
Should I use an accountant?
Hello,
I'm in two minds whether to use a formation agent or just use my accountant to register for me. Here's what he said he'd charge:
" I would like to propose that we charge a fee of £250 excluding VAT to set up your new company. The reason for the level of charge is because we have external 3rd party formation agents fees to pay as a cost to be covered by our fee. I would also expect to complete the necessary Inland Revenue forms and VAT forms to register you for VAT within our fee."
Now, obviously, there's a hell of a lot of difference between £35 and £250. Am I just being lazy? Using an accountant gives me peace of mind that I'm doing everything correctly, but then again there's quite a big difference in price.
Anyone any suggestions please?
Wed, 08/03/2006 - 20:36
#7
Formation and VAT registration
Hi Hammerhead,
£250 does seem a little steep. Personally, I would recommend that you do the formation yourself (using the company that I previously recommended: www.simpleformations.com/basicpackage.htm).
The Inland Revenue will send a form about Corporation Tax which you need to fill in within 3 months. This is no more complicated than your personal info, such as name, address, NI number etc.
With regards to registering for VAT. I have not done this so don't have an opinion. If you definitely want to register for VAT from the beginning, I can't imagine that this is too difficult. Does anyone else have any experiences with this??
So my advice to you is to form the company and fill out the Inland Revenue form yourself. You could ask your accountant to quote for a VAT set up. Your accountant is doing nothing more than putting the same info which you gave them into a another formation agent - so I see it as cutting out the middle man.
At the end of the day, we should all try to minimise our start up costs!
Ollie
Velocity Bars Ltd.
www.velocitybars.co.uk
Thu, 09/03/2006 - 22:48
#8
Formation and VAT registration
Thanks Ollie, you've helped make up my mind and I'll use an online solution rather than go through my accountant (who seems to offer more amazing value-added deals every day - his latest is offering me a copy of Sage Accounts Plus at £40 more than it would cost me to buy it from Amazon and then try and sell me training for it at £60/hour... no thanks, I think I'll buy a book instead!)...
Anyway, cheers for the advice. Much appreciated!
Sun, 30/04/2006 - 16:41
#9
Sounds like you need a new
Sounds like you need a new accountant!
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Thanks for your help . That's great .