Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

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KevinMc
Posts: 17
Joined: Sat May 14, 2022 2:09 pm

Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by KevinMc »

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!
bobster
Posts: 9
Joined: Mon May 09, 2022 4:36 am

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by bobster »

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.
KevinMc
Posts: 17
Joined: Sat May 14, 2022 2:09 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by KevinMc »

bobster wrote: Sat May 14, 2022 2:13 pm 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.
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.
bobster
Posts: 9
Joined: Mon May 09, 2022 4:36 am

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by bobster »

KevinMc wrote: Sat May 14, 2022 2:18 pm
bobster wrote: Sat May 14, 2022 2:13 pm 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.
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.
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.
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.
Mandyan
Posts: 10
Joined: Sat May 14, 2022 2:21 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Mandyan »

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.
johnwebra
Posts: 8
Joined: Thu May 12, 2022 3:23 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by johnwebra »

I have had sole trader experience if you need any help? However the above comments have pretty much defined the difference
KevinMc
Posts: 17
Joined: Sat May 14, 2022 2:09 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by KevinMc »

johnwebra wrote: Sat May 14, 2022 2:23 pm I have had sole trader experience if you need any help? However the above comments have pretty much defined the difference
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
johnwebra
Posts: 8
Joined: Thu May 12, 2022 3:23 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by johnwebra »

KevinMc wrote: Sat May 14, 2022 2:24 pm
johnwebra wrote: Sat May 14, 2022 2:23 pm I have had sole trader experience if you need any help? However the above comments have pretty much defined the difference
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
I wouldn’t know sir as I ain’t ever applied in company name only my own
plantio
Posts: 5
Joined: Tue May 10, 2022 1:22 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by plantio »

bank account can be in the name of Joe Bloggs t/a ( trading as )"someone's haulage "
AndywAnvil
Posts: 9
Joined: Sat May 14, 2022 2:32 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by AndywAnvil »

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
Mandyan
Posts: 10
Joined: Sat May 14, 2022 2:21 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Mandyan »

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
Proof of financial standing must be in the company name. A personal credit card is not acceptable.
AndywAnvil
Posts: 9
Joined: Sat May 14, 2022 2:32 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by AndywAnvil »

Mandyan wrote: Sat May 14, 2022 2:34 pm
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
Proof of financial standing must be in the company name. A personal credit card is not acceptable.
yes it can be used and accepted for a new start up company
Douglava
Posts: 18
Joined: Sat May 14, 2022 2:37 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Douglava »

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.
KevinMc
Posts: 17
Joined: Sat May 14, 2022 2:09 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by KevinMc »

Douglava wrote: Sat May 14, 2022 2:38 pm 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.
perfect much appreciated mate. Will a credit card be OK in my name as a sole trader? Appreciate your reply mate
Douglava
Posts: 18
Joined: Sat May 14, 2022 2:37 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Douglava »

KevinMc wrote: Sat May 14, 2022 2:39 pm
Douglava wrote: Sat May 14, 2022 2:38 pm 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.
perfect much appreciated mate. Will a credit card be OK in my name as a sole trader? Appreciate your reply mate
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.
plantio
Posts: 5
Joined: Tue May 10, 2022 1:22 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by plantio »

Douglava wrote: Sat May 14, 2022 2:38 pm 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.
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.
Douglava
Posts: 18
Joined: Sat May 14, 2022 2:37 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Douglava »

plantio wrote: Sat May 14, 2022 2:40 pm
Douglava wrote: Sat May 14, 2022 2:38 pm 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.
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.
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.
clydevi
Posts: 11
Joined: Tue May 10, 2022 1:04 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by clydevi »

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
Mandyan
Posts: 10
Joined: Sat May 14, 2022 2:21 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Mandyan »

clydevi wrote: Sat May 14, 2022 2:43 pm 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
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.
Meloree
Posts: 2
Joined: Sat May 14, 2022 2:46 pm

Re: Hello guys. Does anyone have any experience in applying for an license as a sole trader? Would love a quick chat.

Post by Meloree »

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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