Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
Hello guys. Does anyone have any experience in applying for an license as a sole trader? I have a few questions as to the financial standings and proof. Would love a quick chat if possible. Cheers!
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
Go Limited then the risk is on the company and not the owner. If things go belly up as a sole trader you're liable to a greater extent than a Limited company owner. They can come after your personal wealth including your house.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I am struggling for the financial standings funds to go LTD as I'm a new business. If I start as a sole trader I have the cash and credit card in my name ready to go rather than in the company name.
My question is: if I open a business bank account as a sole trader can it be in the business name and then show my personal standings as I'm a sole trader? Hope this makes sense haha cheers.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
yes I believe its fine to do it that way but regardless of how you approach the financial standing, the TC will want to see a few months worth of bank statements and from that they take the average.KevinMc wrote: ↑Sat May 14, 2022 2:18 pmI am struggling for the financial standings funds to go LTD as I'm a new business. If I start as a sole trader I have the cash and credit card in my name ready to go rather than in the company name.
My question is: if I open a business bank account as a sole trader can it be in the business name and then show my personal standings as I'm a sole trader? Hope this makes sense haha cheers.
They're not so fussed about where the money is coming from for the financial standing but more so that you have access to it if and when you need to it in an emergency to pay for a repair.
Open a Ltd company and you can still combine your own banking accounts as the director with that of the business to form one large position of money and in time once the business becomes more self sufficient, you can separate the two.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
As said above, limited has many benefits and you don’t want the hassle and cost of applying as a sole trader then having to apply for a new licence as limited further down the line. I’m happy to have a chat.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I have had sole trader experience if you need any help? However the above comments have pretty much defined the difference
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I am struggling for the financial standings funds to go LTD as I'm a new business. If I start as a sole trader I have the cash and credit card in my name ready to go rather than in the company name.
My question is: if I open a business bank account as a sole trader can it be in the business name and then show my personal standings as I'm a sole trader? Hope this makes sense haha cheers
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I wouldn’t know sir as I ain’t ever applied in company name only my ownKevinMc wrote: ↑Sat May 14, 2022 2:24 pmI am struggling for the financial standings funds to go LTD as I'm a new business. If I start as a sole trader I have the cash and credit card in my name ready to go rather than in the company name.
My question is: if I open a business bank account as a sole trader can it be in the business name and then show my personal standings as I'm a sole trader? Hope this makes sense haha cheers
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
bank account can be in the name of Joe Bloggs t/a ( trading as )"someone's haulage "
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Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
you can apply via a limited company and use a personal credit card to show proof of financial standing £8000 once licence is granted the traffic commissioner will then ask you to provide financial standing on the company name/ bank account 3/6 months down the line
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
Proof of financial standing must be in the company name. A personal credit card is not acceptable.AndywAnvil wrote: ↑Sat May 14, 2022 2:33 pm you can apply via a limited company and use a personal credit card to show proof of financial standing £8000 once licence is granted the traffic commissioner will then ask you to provide financial standing on the company name/ bank account 3/6 months down the line
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Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
yes it can be used and accepted for a new start up companyMandyan wrote: ↑Sat May 14, 2022 2:34 pmProof of financial standing must be in the company name. A personal credit card is not acceptable.AndywAnvil wrote: ↑Sat May 14, 2022 2:33 pm you can apply via a limited company and use a personal credit card to show proof of financial standing £8000 once licence is granted the traffic commissioner will then ask you to provide financial standing on the company name/ bank account 3/6 months down the line
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I have a sole trader, and I use his personal savings account as financial standings, with the business account to show its running on profit. TC aren’t over keen on personal savings account, but they have never rejected it.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
perfect much appreciated mate. Will a credit card be OK in my name as a sole trader? Appreciate your reply mate
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
if the credit card has overdraft, that is meant to be excepted, but I haven’t tried myself.
Different TC’s & caseworkers treat different applications in their own merits, so do all you can to show over the required standings.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I don't see how the TC can dislike personal savings. I once handled a situation where we used a herd of cows to prove financial standing as 500 cows worth around £500 a head could be readily sold at market and turned into cash if the need arose.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
I’ve heard people use classic vehicles as well.
I took on & represented a sole trader after he was called up for failings, and I used the personal account, and the TC commented/criticised in the Pi, that it’s a personal account used for final standings, then accepted anyhow.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
Hi all, I have a similar question but the opposite, I've been working as a self employed but thinking about going LTD, what’s the pros and cons, anyone care to clarify me a bit more? cheers
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
The main benefit of limited is that is things go wrong your personal assets are not as risk. It also looks more professional. The only real downside is a bit of extra paperwork.
Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.
If you go as sole trader and want to proof your financial standing you just show to the traffic commissioner your cash in your personal account and any credits cards with balance and many other things you can use. But as said before it's way better to go as limited company.
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