LTD Company setup

[josadler7]

Hi, can anyone advise on the best/cheapest way to set up a ltd company, I have been working as a sole trader for a year and now need to go down the limited company route. Recent experience would be valuable, thank you.

[rojash]

The easiest way is to simply buy an off the shelf company. That's how I set up mine. You can choose one with a suitable name, or, if you can't find one, just choose any one and either rename it, or use "trading as" (e.g Bloggo Limited trading as Jo Sadler 7).

Most off the shelf companies come with extremely broad articles of association.
http://tinyurl.com/6w6xhrx

[buildersmate]

The last time I did this I used this organisation who were fine
http://www.easyformations.net/
That was five years ago and the company still seems to be in existence, but I'm not specifically recommending them. I used the 'standard' package which seems to cost £70 now (it was £50 then).
You then need to get a business bank account using the Articles of Association.
Plus getting to grips with running the PAYE payroll (it is relatively easy using software that HMRC provide via Business Link) to enable paying yourself and other directors, as well as any employees of the company.

[Skyline D]

Further to buildersmate's answer, which is perfectly reasonable (if you know what you are doing the cheapest way to do it is to do it yourself directly with Companies House of course but I wouldn't recommend it unless you are very comfortable with it though they will help you), you don't need to register for PAYE unless you intend to pay anyone through payroll. As long as the company is actually profitable it would be equally valid and indeed cheaper (no NIC) to pay yourself through dividends. Probably best to take professional advice on which best suits your circumstances though. For pension reasons it may be best to continue NIC contributions.

[MarkRae]

In addition to the good advice which you've already received, if you don't have a decent accountant I'd strongly advise you to get one. Mine is worth is weight in gold, as he handles everything (including personal tax etc.) for a fixed monthly fee.

[josadler7]

Thank you all, very good advice.

[lucymatt]

every country has their own certain requirements if someone converts to ltd company. you may search ltd company section under your national companies ordinance. I hope they have step by step approach of setup. Easiest way would be minimal compliance to clauses.

[factor-fiction]

You seem to like that site, lucymat. That's 3 links to it today