Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

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Phrdpleric59
Posts: 8
Joined: Fri Apr 28, 2023 10:54 am

Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Phrdpleric59 »

Can anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company? Either on here or via message.
Anatreptic
Posts: 4
Joined: Thu Apr 27, 2023 10:40 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Anatreptic »

Speak to a trustworthy accountant. Carolyn Walsh from cwc accounting on fb before attempting it because you will get all sorts of bull sh*t on fb.
Personally I wouldn’t having stopped in May after 14 years
Last edited by Anatreptic on Fri Apr 28, 2023 11:02 am, edited 1 time in total.
hirViking
Posts: 24
Joined: Fri Apr 28, 2023 10:58 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by hirViking »

You can learn from here.
Good luck, mate.
Phrdpleric59
Posts: 8
Joined: Fri Apr 28, 2023 10:54 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Phrdpleric59 »

hirViking wrote: Fri Apr 28, 2023 10:59 am You can learn from here.
Good luck, mate.
Yes, from ltd driver themselves
hirViking
Posts: 24
Joined: Fri Apr 28, 2023 10:58 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by hirViking »

Phrdpleric59 wrote: Fri Apr 28, 2023 10:59 am
hirViking wrote: Fri Apr 28, 2023 10:59 am You can learn from here.
Good luck, mate.
Yes, from ltd driver themselves
Like I said - good luck.
Phrdpleric59
Posts: 8
Joined: Fri Apr 28, 2023 10:54 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Phrdpleric59 »

hirViking wrote: Fri Apr 28, 2023 11:00 am
Phrdpleric59 wrote: Fri Apr 28, 2023 10:59 am
hirViking wrote: Fri Apr 28, 2023 10:59 am You can learn from here.
Good luck, mate.
Yes, from ltd driver themselves
Like I said - good luck.
thanks for the input 👍
gnosiology
Posts: 3
Joined: Thu Apr 27, 2023 10:41 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by gnosiology »

What Anatreptic said. Ignore all the IR35 until you've spoken to a professional. 👍👍👍
Rhubarb
Posts: 5
Joined: Thu Apr 27, 2023 10:51 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Rhubarb »

Wouldn't bother mate that ship has sailed. Not enough LTD work about anymore. I'm not saying there isn't any, just do your research first on what work there is available near you and would it justify having to pay for an accountant. It used to be great when there was loads of LTD work out there especially when VAT registered but all good things come to an end in this game. If you still want to go ahead speak to an accountant they will set it up for you, once you get a certificate from company house you'll need a business bank account.
Phrdpleric59
Posts: 8
Joined: Fri Apr 28, 2023 10:54 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Phrdpleric59 »

Rhubarb wrote: Fri Apr 28, 2023 11:03 am Wouldn't bother mate that ship has sailed. Not enough LTD work about anymore. I'm not saying there isn't any, just do your research first on what work there is available near you and would it justify having to pay for an accountant. It used to be great when there was loads of LTD work out there especially when VAT registered but all good things come to an end in this game. If you still want to go ahead speak to an accountant they will set it up for you, once you get a certificate from company house you'll need a business bank account.
I've spoke with 2 different accounts. One seemed positive the other basically said what you said.
Rhubarb
Posts: 5
Joined: Thu Apr 27, 2023 10:51 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Rhubarb »

Phrdpleric59 wrote: Fri Apr 28, 2023 11:04 am
Rhubarb wrote: Fri Apr 28, 2023 11:03 am Wouldn't bother mate that ship has sailed. Not enough LTD work about anymore. I'm not saying there isn't any, just do your research first on what work there is available near you and would it justify having to pay for an accountant. It used to be great when there was loads of LTD work out there especially when VAT registered but all good things come to an end in this game. If you still want to go ahead speak to an accountant they will set it up for you, once you get a certificate from company house you'll need a business bank account.
I've spoke with 2 different accounts. One seemed positive the other basically said what you said.
Ask the agencies near you aswell they will give you an idea of what LTD work is available. I think you will need to be very flexible and willing to travel for work as there's not as much about anymore. And it could go very quiet and you'll still be paying your accountant.
Anatreptic
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Joined: Thu Apr 27, 2023 10:40 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Anatreptic »

Carolyn Walsh runs this group and will help with anything you need to know
Phrdpleric59
Posts: 8
Joined: Fri Apr 28, 2023 10:54 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Phrdpleric59 »

Anatreptic wrote: Fri Apr 28, 2023 11:06 am Carolyn Walsh runs this group and will help with anything you need to know
thanks
whitezGewgaw
Posts: 10
Joined: Thu Apr 27, 2023 11:02 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by whitezGewgaw »

Phrdpleric59 wrote: Fri Apr 28, 2023 11:06 am
Anatreptic wrote: Fri Apr 28, 2023 11:06 am Carolyn Walsh runs this group and will help with anything you need to know
thanks
Definitely recommend the group and Carolyn
Phrdpleric59
Posts: 8
Joined: Fri Apr 28, 2023 10:54 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by Phrdpleric59 »

whitezGewgaw wrote: Fri Apr 28, 2023 11:06 am
Phrdpleric59 wrote: Fri Apr 28, 2023 11:06 am
Anatreptic wrote: Fri Apr 28, 2023 11:06 am Carolyn Walsh runs this group and will help with anything you need to know
thanks
Definitely recommend the group and Carolyn
I've messaged her didn't get a reply
whitezGewgaw
Posts: 10
Joined: Thu Apr 27, 2023 11:02 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by whitezGewgaw »

Phrdpleric59 wrote: Fri Apr 28, 2023 11:07 am
whitezGewgaw wrote: Fri Apr 28, 2023 11:06 am
Phrdpleric59 wrote: Fri Apr 28, 2023 11:06 am

thanks
Definitely recommend the group and Carolyn
I've messaged her didn't get a reply
Join the group, have a read through some posts. I have been a member on there since it was started.
I have followed the ir35 tax reforms since 2015, most drivers see what they want to see 🤷‍♂️
chfulney36
Posts: 7
Joined: Fri Apr 21, 2023 11:05 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by chfulney36 »

I’m still LTD, unable to use the majority of agencies, HMRC clamped down on IR35 rulings this year…
You would need to find a legitimate haulage firm who would be willing to use you and have a turnover of less than 5m annually, or find a non legitimate one, but the buck stops with you on that one 🤷🏽‍♂️
whitezGewgaw
Posts: 10
Joined: Thu Apr 27, 2023 11:02 am

Re: Anyone give me some advice on the pros and cons and basically the steps of setting up and running as a Ltd company?

Post by whitezGewgaw »

If you are intending to run your Ltd company as a PSC (personal service company) then you will fall inside ir35 unless you plan on supplying a truck & driver
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