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Set company setup - do I need an accounant

Hi all

I am about to setup a new ltd company for the first time so a few quick questions

  1. once registed do I have to start doing bussines stright away. what i mean is if I register a LTD company today and then just leave it as is till say 4 months, during those 4 months do I have to pay any monthly fee or charge for having a ltd company even though I am not doing any business or making any money.

  1. Do I have to use an acountant, can I not do it myself. Its going to be a very small company and very simple setup and the turn over is not that large. What is involved if I do it myself. will I save lots of money or is it not worth the hassel.

  2. Can I setup a ltd company with my home address. Do I need to declare anything if I register a LTD company against my home address.

Thank you for your time and I hope you can help. Thanks a mill.

Reply to
faisal.museud
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Why are you doing that? Are you certain that you either need one or will benefit sufficiently from forming one?

Tony

Reply to
Anthony R. Gold

You don't need an accountant, but you'd save yourself an awful lot of hassle by having one. All the legal requirements for a limited company would probably take you quite a while to figure out if you're not used to doing them, but accountants do that sort of thing every day and could probably do in half an hour what might take you a couple of days. If the company is as small and simple as you say, you should find that a sensible accountant would not charge you very much for doing what needs doing.

But do choose your accountant carefully. I've had a bad one and a good one, and believe me there is a huge difference. Personal recommendation from people in your area is probably the best way to find a good one.

Good luck!

Adam

Reply to
Adam

No but you will have to submit accounts after a year's trading. That period will probably include these months with zero turnover. If you have an accountant you will get charged for the preparation of these accounts. Not a lot for periods with zero activity, true.

I don't know. Your accounts will have significantly better credibility if signed off by a Chartered Accountant.

If it is not that much work the accountant will not charge that much for it. Get recomendations from local businesses.

Your home address can be the registered office of your business. No probs.

However check that the insurer of your home will accept this, some don't or charge extra in some circs (customers visiting premises, stock being delivered / stored etc).

Don't try to charge the business rent for using part of your home. That could make you liable for capital gains tax over that part. ]

Don't do it !

Success !

DG

Reply to
Derek Geldard

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