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Where Taxpayers and Advisers Meet

Going LTD

Glass22
Posts:5
Joined:Wed May 15, 2019 8:43 am
Going LTD

Postby Glass22 » Fri Dec 13, 2019 12:32 pm

Hi,

I'm looking to move from sole trader to Ltd,

I can't afford an accountant

Once I set up a Ltd, how do I then move assets into the Ltd company from being a sole trader?

Is issuing dividends to myself as simple as doing a bank transfer from the LTD bank to my personal account?

How simple will it be for me to do my own returns as Ltd?

Glass22
Posts:5
Joined:Wed May 15, 2019 8:43 am

Re: Going LTD

Postby Glass22 » Fri Dec 13, 2019 12:37 pm

Also

If I need to buy stock or anything for the Ltd company from my own bank/money can the LTd company just pay me the expenses back?

AnthonyR
Posts:321
Joined:Wed Feb 08, 2017 2:33 pm

Re: Going LTD

Postby AnthonyR » Sun Dec 29, 2019 4:35 pm

If you can't afford an accountant you probably shouldn't be transferring to a limited company unless you have experience preparing formal accounts as it requires the preparation of statutory accounts in a particular format, tax returns for the company, personal tax returns recognising the income.

However, on that front if you have very minimal income/expenses/transactions then the cost of having an accountant assist you should not be excessive and many accountants will allow you to spread the cost, paying on a monthly basis.
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk


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