talktonight started this topic @ 22:45 on 08/11/2003
Hi,
I have a full time job and am looking to set up a limited company shortly. Apart from all the "complications" of setting up a limited company is there any direct negative effect on my full time job. Im assuming privacy is assured (not counting records at comanies house). More with regard to tax issues.
I would assume that an accountant is the way forward when setting up a ltd company, how much are the charges for completing this service? And how involved is it advised to keap your accountant throughout the year?
Thanks in advance- Matt
RE: Full Time & Limited
emplaw | 08/11/2003 11:05 PM
Make sure there are no prohibition clauses in your employment contract preventing you from working for another company ( including your own) at the same time as working for your existing employer. They are quite common!
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Lee Schwartz Lime One Ltd www.limeone.com 01244 852550
RE: Full Time & Limited
James Smith | 09/11/2003 10:09 AM
Matt,
Setting up a limited company itself is inexpensive. What could cost a little more is if your require some time upfront deciding if this is the best method for you, and going through all the implications. It could be more effective for instance to start as a sole trader, and incorporate after (say) 3 years. What is best for you will depend on your circumstances. I normally try not to charge too much for this type of thing - say £200-£300 depending on the complexity. Sometimes it possible to say quite quickly which way to go on the 'phone. Eg if you are in employment and anticpate start up losses, a sole trader will win hands down until you start making money. (You can offset a sole trader loss against your other income)
In terms of keeping your accountant all year, most of us bill the bulk of the bill at the year end when most of the work is - ie the final accounts, corporation tax return etc, but if you engage one upfront you can get some guidance through the year as part of the deal. I prefer doing it this way is its easier to help you do things right upfront that it is to unwind a mess at the end of the year. I also find clients really appreciate picking up the phone and getting some help as some of the regulations can be confusing if you have not dealt with them before. I would therefore suggest you hire one now, and not in 12 months. I cant speak for anyone else, but in terms of total fees it shouldn’t increase them, and may well decrease them as things should run more smoothly at the year end if everything has been set up correctly.
If you need some further help, please give me a call in the week.
Regards,
James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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