Going LTD from sole trader info please

[Swales lives]

I'm a self-employed sole trader wanting to go Limited, so I can charge VAT for products I'll be getting charged for and selling on.

I'm in the middle of filling out the form on the Companies House website and I'm not sure about what to put for:
Class of share: GBP - Ordinary <<< is this right?
Number of shares issued:
Total aggregate value of shares issued:
Nominal value of each share:

Should I just put '1' for amount of shares? £1.00 for value of shares?

I hate shit like this, so any advice would be appreciated. The company is just me, from home, nothing complicated. I'm not Google or Amazon and I will pay all my taxes.

 

[Seasideblue]

you dont have to be limited to charge vat you just have to be vat registered


I think ?

 

[Swales lives]

you dont have to be limited to charge vat you just have to be vat registered


I think ?

Oh i didn't know that mate, I'll have a read up. Cheers.

 

[Skip Donoghue]

you dont have to be limited to charge vat you just have to be vat registered


I think ?

This true the VAT thresh hold is £77k I think,
if your turnover is greater than this you then have to become VAT Registered

You can register for VAT though even if your turnover isn't £77k,

For what reason do you want to become limited as opposed to a sole trader?

 

[Cheesy]

I'm a self-employed sole trader wanting to go Limited, so I can charge VAT for products I'll be getting charged for and selling on.

I'm in the middle of filling out the form on the Companies House website and I'm not sure about what to put for:
Class of share: GBP - Ordinary <<< is this right?
Number of shares issued:


Total aggregate value of shares issued:
Nominal value of each share:

Should I just put '1' for amount of shares? £1.00 for value of shares?

I hate shit like this, so any advice would be appreciated. The company is just me, from home, nothing complicated. I'm not Google or Amazon and I will pay all my taxes.

You don't need to become a Ltd company to register for VAT.

However, if you do go Ltd, what you were going to enter on the Companies House website is exactly right.

 

[Ronnie the Rep]

The easiest way is to buy an off the shelf company which already has its memorandum and articles of association but if you just want to charge and claim VAT then just register for it as a sole trader

 

[Wrighty Wrexham]

Limited company accounts are more involved than sole traders.

If its just to be VAT registered then as has already been suggested you may do this as a sole trader.

Any money withdrawn from a limited company has to accounted for either as a wage, dividend or repayment of a directors loan. You cannot just withdraw money from the company as and when you want to even if the company is in effect you!

If you are going down the path of a limited company i suggest you get yourself an accountant!

"A good accountant saves you more than his fee!" ;)

 

[Cheesy]

Good advice from Wrighty.

A good bookkeeper is maybe a wise move too.

Funnily enough, I know a very good one ;-)

 

[Blue Mist]

Self employed people can still charge VAT, FACT
If you charge VAT you have to do your books every 3 months whether self employed or a company rather than 12 months for normal acounts, this is of course added time and expense.

 

[Ian Paisley]

Sole trader or Ltd company you should have a good accountant and book keeper.VAT doesn't matter either way as it is based on turnover.The big difference is as a sole trader income tax is charged partially up front and settle the difference at the end of year plus the next projected amount up front.Ltd companies pay in arrears and gives you the chance to take a lower wage and make up the difference with a directors dividend with a lower rate of corporation tax.Be aware though that as employer and employee your national insurance contributions will rise considerably.