self employed + business names

[Hodge]

I wouldn't use someone if they had a sign written truck. I think from what I have read Gordon you are trying to run before you can walk, I am not knocking your enthusiasm as it is so great to hear of someone trying to get a start and be as keen as you but I think you should get experience on the job before doing anything else. I know its hard to get experience, I get a couple of calls a week from lads after work. Don't give up and just keep offering your services to local firms. All the best.

 

 

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[GordonRochdale]

Cheers mate, yeah well this morning I've started ringing round the firms in the next town so fingers crossed I get some on the job experience soon

 

 

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[Drew87]

Haven't registered mine, I got the impression you only need to be a limited company if you make a certain amount a year

 

Still Need to Register for your UTR Number .. But makesure you pivk the right Options when signing up. E.G: Dont select PAYE TAX unless you earn over 79k a year .. Dont select Employer PAYE TAX unless you take people on Fulltime. A Good HMRC Agent Will Explain better

 

HTS - Halfhide's Tree Services

[GordonRochdale]

Yeah I've registered for self assessment and got my UTR number, went for class 2 NIs and self assessment option.

 

 

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[Drew87]

Thats The One Matey .. Its still fresh in my head as Re-Applied for mine after the move from England to Wales., 2-3 Weeks ago and Got SA Code This Morning .

[Rupe]

A ltd company just means that you (in effect) work for that company and then your personal liablity is then "limited".

 

Its not to do with how much you earn, but if your a sole trader earning well over 100K a year and you get a contract that doesnt pay and end up owing suppliers etc. you woul dbe personally liable for that debt. With a Ltd company your liability is limited, and you wont lose your house if it ever came down to that. Same with any damage/injuries to public or employees, they would sue the companay which might go bust but your laibility is limited and you wont lose your house over it.

 

Ltd companies need three directors (you can be one of them) and then you cant do anything without a 2 to 1 vote from your directors. Of course if the other directors are you your mum and your wife then you should get your way. You get paid as an employee of the company but can take directors dividends if all is going well.

 

So, dont even think about Ltd. companies, registering a business name etc. all a million miles away.

[Ian C]

A ltd company just means that you (in effect) work for that company and then your personal liablity is then "limited".

 

Its not to do with how much you earn, but if your a sole trader earning well over 100K a year and you get a contract that doesnt pay and end up owing suppliers etc. you woul dbe personally liable for that debt. With a Ltd company your liability is limited, and you wont lose your house if it ever came down to that. Same with any damage/injuries to public or employees, they would sue the companay which might go bust but your laibility is limited and you wont lose your house over it.

 

Ltd companies need three directors (you can be one of them) and then you cant do anything without a 2 to 1 vote from your directors. Of course if the other directors are you your mum and your wife then you should get your way. You get paid as an employee of the company but can take directors dividends if all is going well.

 

So, dont even think about Ltd. companies, registering a business name etc. all a million miles away.

 

No quite true, I'm Ltd and you only need one director and a co secetary......well that's all I have and Co house said it was fine!

 

the rest is spot on though.

[Rupe]

Oh, ok, sorry. I'm not Ltd so I dont know but thats what I thought. So with one director who I assume is you, you always get a majority vote on everything. Great!!

[skyhuck]

No quite true, I'm Ltd and you only need one director and a co secetary......well that's all I have and Co house said it was fine!

 

the rest is spot on though.

 

Same here, we each hold half the shares.

 

Was quite funny when we set up the Ltd Co my accounted asked how solid my marriage was and was I sure about putting the Co 50% in her name

[Ian C]

Oh, ok, sorry. I'm not Ltd so I dont know but thats what I thought. So with one director who I assume is you, you always get a majority vote on everything. Great!![/QUOTE]