JimmyRB5PRO

I am currently dealing with a company and now need a ltd company cos need to payroll some contractors - anyone who gives the best deal and where is the cheapest place to get a Ltd company from ???

really want to be able to get at least an 85% draw down on the factoring facility ?????

cheers.........

salsa-king

well all thats lost me...........

you need to become ltd?
or you need to hire a company thats ltd for work?

why should being ltd make a difference?

ProperCharlie

you mean you need a shell company? chainbox, gabem etc?

i would have thought 85% on a factored invoice is somewhere in between daylight robbery and going out of business very quickly. if you can support that margin you must be charging the client too much!

Edcase

http://www.7side.co.uk/

JimmyRB5PRO

i need to set up a ltd compnay so that i can then payroll some contractors on a client site , so aslo need a factoring facility aswell , and am yold i should be able to get a draw down of 85 % typical margins with client ranges from between 10-20% ????

cheers.......

ProperCharlie

setting up a ltd co is easy enough. you can get a "ready made" one for about £100, or you can do it yourself. Not sure what you mean about the factoring - i understood that what happens is that your factor invoices your client, and gives you a %age of the value of the invoice, straight away. if they are only going to give you 85% of the value of the invoice, and your margin is 10-20%, i can't see it working out.

these chaps only want £79 to form your company for you, apparently.

RichWalk

Suggest you get in touch with Companies House, they will advise you on share issues available company names etc, only costs £15.00 to register the name. To use a Factoring company you would need as provable sales history for the company of more than 12 months (abbreviated yr end accounts).

Fat Boy

Jordan.co.uk for same day compapny formation including all supporting dox.

Factoring -all the major banks do it, plus a few specialist factoring companies, but if you can arrange an OD instead it would be cheaper and more efficient as what generally happens is that they pay you 80% of a UK (only usually) invoice and then they take over chasing the debtor - however their version is that they put some 16 year old trainee on it who, not surprisingly doesn't carry much weight, and then about 6 months later they inform you that they can't reclaim the money owed so it reverts to you to sort it out. It means that, in practice, you lose complete track of who owes what and when, and that after 6months you're still trying to get your margin back.

ProperCharlie

FB - yes but even if they do reclaim the whole amount of the invoice from your client, they still charge you for the service, don't they? usually at a % of the invoice value, yes?

or no?