Sole trader to Ltd company

[Marc 6]

Hi, I started trading a few months ago as a sole trader and I'm realizing a limited company would have been a better idea. Has anyone here made the transition? I'm not overly keen on accounts fees if they can be avoided. 

I'm doing not bad, better than expected and would like to bring a family member in to the new limited company .it's another drive to keep cars and he's works in a similar fashion to myself, fairly confident the partnership would work, albeit he'd be part time. 

Ive read various bits online but I'm pretty sure the best advice will come from here. 

On another note- can I get in to the  private forum without a VAT number? 

 

[justina3 518]

Every case is separate based on variables we can not possibly know, best speak to your accountant. 

 

[D&M 66]

We started our LTD company after only a few sales. Easy to do and set up - no need to pay anyone. Just do it on the Companies House website.

If you're joining with someone, sit down at talk and draw up an agreement as to who puts in what and how much they get back and when. Money comes between people, especially family!

No, you don't need a VAT number to join the private forum, just email in your trade insurance certificate.... You may need to call afterwards to confirm they've recieved it - we had to... Must have got lost in someones inbox!

[EPV 631]

I think a LTD company probably opens more doors for you in terms of who will deal with you (I'm thinking funding and lending for one) but I don't imagine it's difficult to get by with being a ST either. As Justin says, nobody on here will be able to advise you better than an accountant.