Noxy (or others maybe???)

[##Wardy##]

Noxy dear Sir,

How easy is it to set up a limited company with yourself as the sole boss?? I have been advised due to my small property portfolio and a few fingers in pies, that this is the way forward and I am losing hundreds of pounds in tax??

I have never even seen an accountant, just declare earings and pay tax/stamp on that with a standard 503L code.

Any help or pointers will be great (And what receipts should I start saving???)

[edited by ABED]

[admarlow]

I know you can buy a ''pack'' with all the required paperwork and info.

BTW did you see my goodbye thread Wardy, I think you will like the picture.

[whiffey]

Why would anybody wish to insult a fictitious cardboard cut-out ?

[naz_nomad]

whiffey ...you hit the nail on the head ...

Anyway 'mystery questioner', I can't answer because my wife usually deals with that stuff ...

you do have a wife, don't you?

[samuel23]

Hi Wardy. I'm not 100% certain, but I think you'll find that a Limited company requires more than one director. My mum and dad set one up through their accountant. It Cost �80 in total, took about 6-8 working days and was a simple process. You have to register some details each year with companies house (costs money, and can be done on-line)
Hope this helps.

[country_boy]

A contradiction in terms isn't it?

[samuel23]

Sorry wqardy, should have said ~ this was only in March this year, so the costs shouldn't be too much different.

[ummmm]

It's easy to set up a limited company my dear Wardy.

I'm on my way out now but if Noxy doesn't come back before me I will return with all the info.

It will mean more book keeping though. As you have to submit accounts to companies house as well as HMRC.

[ummmm]

You only need one director and a secretary!

[raysparx1]

Hello wardy,

I don't know a lot about company law,but if you own a few properties it might well be worth forming a property company,but what happens when you want to retire I would think the tax situation would be quite complicated,so you realy do need to get a good accountant, save all receipts,petrol,cost of repairs,phone bills in fact everything relating to the properties, good luck

[ummmm]

And as many as you can that are not related but may be related if you get what I mean

[whiffey]

Thanks for the advice guys.

[ummmm]

How very dare you Whiffey

[raysparx1]

pleasure whiffey, are they all salons or have some a massage parlour at the back ?

[samuel23]

OK ummmm ~ Didn't know that, as I say, my parents did it, but one director and a company secretary, still means you can't do it alone, doesn't it? Or can they be the same person?

[ummmm]

ummmm....I'm not actually sure...I've never been involved in a company with just one person. i don't think so though. Other wise they would be a sole trader!

Once you are a limited company (I'm still waiting for my lift and I'm a bit ****** already) you have a dividend and not wages/drawings. It makes it better on the tax front. But you have to remember about the cp tax

[admarlow]

Ummm's right you need more than one person and then you get limited liability etc....

[-Zorro-]

Mr Wardie.....at the moment you still need a company secretary. So techically you need two people involved.

You can be sole director with 2 shares (out of 2) and appoint your friend or family member (ADULT) as company secretary. They will be on the stat books in name only, being technically liable for presenting the accounts to Co House on time etc, where in a fact you are the only participant in the company, only director and only shareholder.


http://www.hanovercompanyservices.com/

it can cost �50. Pick a name, check on the website if it is available and not already taken. Then follow the online istructions. They will send you the stat books and forms to change directors and shareholders from themselves, them having set up the shell company, they will have already signed their transfer forms ready for you to sig and send to the addresses they tell you for officialdom

[noxlumos]

Hello wardy, can't really elaborate much more on what everyone else has said. Zorro has it down perfectly. In essence it's quite possible to keep other people out of your affairs if you pick your "partner in crime" so to speak sensibly :)

[Eve]

This should give you most of the information that you need...

http://www.companieshouse.gov.uk/about/guidanc e.shtml

There is a phoneline for guidance and all the forms you need can be downloaded online. Many documents can also be filed online too.

You will need a company secretary, this is can also be done by an accountant or solicitor who can also maintain your company books. It is always wise to make sure you are aware of the obligations of company officers ie directors and secretaries, there is a booklet on the above link.

Many law firms have shelf companies which they can do a change of name job on. Usually they will have a standard memo and arts so if you want something specific then you may need to make some changes.

There are also a number of companies who can set up companies for you, from simple ones to more complex ones.

I have a questionnaire of the information you would need from when i have set companies up for people before, mainly property management companies if that would be useful, it's stored on my work directory though so I couldn't access it til Monday.

If you have a company name in mind then you can search here to see if it's already been taken. The helpline can also give you some guidance as to whether a name will be accepted too.

http://wck2.companieshouse.gov.uk/099967f65c5e c69a4ae7ef60b3c546fa/wcframe?name=accessCompan yInfo

There is also some very useful info in a booklet accessed off the first link.

York Place are pricier than some but can provide a great service...

http://www.yorkp

[Eve]

Argh!

They also have a very good guide here...

http://www.yorkplace.co.uk/pdf/basics.pdf

If property will be registered in the company name then keep an eye on the financial status on the company as there can be issues on dissolution.

You may find this useful...

http://www.bonavacantia.gov.uk/default.asp?pag eid=1312

Hope this helps :)