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UK LTD - What to do?

Discussion in 'Business & Tax Advice' started by ShadeDream, Mar 28, 2009.

  1. ShadeDream

    ShadeDream Elite Member

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    Okay, I'm going to form an LTD in the UK. It will be for blackhat affiliate marketing. The LTD will cost around £45 with a registered office including VAT... and now I was wondering what next? What do I do once I register the LTD? I'm talking about tax and other paper work etc?? Do I write down everything I buy for the LTD? All the costs and everything? Once I write down all the costs and everything what next? I need detailed or at least all the main information on what to do to stay legal and so that I don't get screwed for tax or anything like that etc... What if I get banned from a few affiliate marketing sites for blackhat stuff? How will this affect me? and my name? Let's say I get banned from loads of affiliates, how can I close down the LTD?? I just need some guidance before I register an LTD in the UK since I'm only 17 and I don't want to fuck up real bad and get screwed over... lol help would be greatly appreciated. :) PS. I'm asking here because I got confused while looking at google.... lol
     
    Last edited: Mar 28, 2009
  2. pmj1

    pmj1 Newbie

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    Shadedream,
    Costs can be quite high in running a Ltd. - annual filing fee (which must be paid) is £15 p.a. , and (depending on turnover) accountancy fees can be quite high too - even for a "dormant" Ltd. most accountants will charge in the region of £200 p.a. just to file the returns. Also issues like Corporation Tax, and do you have another person who will be the Company Secretary? running costs are basically the same as any type of business. It may cost extra to arrange your own wages and prepare year end accounts, but many accountants will agree charges in advance to sort these matters out for you. Also dependant upon T/O you may need to register for V.A.T.
    Hope this helps , if you have any specific questions pls feel free to PM me.
     
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  3. ShadeDream

    ShadeDream Elite Member

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    Well thanks pmj1 but I think I was looking for something else. I'm looking at this from sort of a blackhat viewpoint or something like that. I want to exclude all the unnecessary things like a secretary because I will not be needing this. The company will just be formed to easily get accepted into CPA companies. I will be doing the accountant work myself it's not a real big deal. :S
    Edit: PS. I am almost 100% sure that I will not need to register for VAT because I'm only 17 and I don't think I would be making over £60K in the first few months or even in the first few years. lol
     
    Last edited: Mar 28, 2009
  4. sodacrates

    sodacrates Registered Member

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    unless you are making more than 40k per year the costs and hassle of setting up and running the ltd co would not really be worth it. Do you think you can make more than 40k per year? If not I would do everything in your own name. If you are worried about tax go and see an accountant. most will see you for a free consultation. Don;t worry about discussing BH methods, to an accountant making money is making money, as long as its legal.

    What are your reasons in wanting to start a LTF co anyways? I'm guessing its not for tax purposes?
     
  5. ShadeDream

    ShadeDream Elite Member

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    It's a lot easier to get accepted into CPA companies. It looks more professional and I would want to build up upon this. I just read a few things on LLP and I was going to ask that I should maybe go for an (UK) LLP instead of a LTD??
    What are the benefits? I wish someone could teach me... :(


    Edit: I'm talking about a Marketing Company Formation here.
    Edit2: I think an LLP would be my best bet. I would partner up with a friend. But I still need to know what's the best way to register an LLP and how to go about it etc?? I found a website that offers the registration for £150. And has additional services like registered address and online company administrator for £25 each. I was wondering if this would be a good deal? And if it would be something I need? The link is here: http://www.formationshouse.com/uk_llp_formation.htm
     
    Last edited: Mar 28, 2009
  6. simey69

    simey69 Regular Member

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    Hi ShadeDream,

    Over the years, I've had sole trader, partnerships and Ltd business ventures here in the uk.

    To be honest, the sole trader and partnerships are far easier.

    End of year accounts are simple, just fill in a tax return and send it back, do it online and all the calcs get done for you.
    If you turnover under £15k, its just a few numbers on the return, over £15k and you break it down a little, but still simple.

    Avoid VAT as long as you can to keep it simple, it reduces the book-keeping and pressure, after that, get some accounts software to make life easy.

    My business levels are moderate, so only keep my books in order monthly, sometimes weekly in busier periods.

    As for getting approved for CPAs, affiliates etc, I've never had an issue.
    The main thing is to have a business name and bank account.
    I have a domain name that matches my business banking name, so all looks 'professional'.

    Forming a sole trader or partnership is easy, just let the local tax office know, job done... google business link for some good advice.
    Then see the bank about a business bank account - they'll push for business plans, but if you don't want to borrow, tell them and say its for online activities - you can normally get the first years banking free.

    Hope that helps, feel free to ask, I'll try to help if poss.

    Si
     
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  7. topsytips

    topsytips Regular Member

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    Just noted that you are only 17...is that right??

    Do you have a business bank account because you will need one for a LTD.

    The company secretary is now optional as the rules changed in 2008.

    However, I think that you have to have your accounts audited every year.

    Seems a whole lot of hassle to me. I'm a sole trader and find that far easier...you can still have a company name.
     
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  8. ShadeDream

    ShadeDream Elite Member

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    Last edited: Apr 11, 2009