f1_fan

iTrader: (9)

Hi people,

Can the great power of scoobynet NSR help me out here.

I have a limited company I set up in 2002 with a fellow director, but that seems a long time ago now and I cannot remember exactly what was involved.

I now need to create a separate company which is just involving me - it will essentially be an import company.

I need to do this pretty quickly and feel it should be simple hence am reluctant to pay lots of money to an accountant to do it. Is it or am I dleuding myself?

I need a company name and a bank account - the latter should be OK as I have a good reltionship with my banl for the existing company.

Anyone advice would be great - doesn't need to be a limited company btw.

scarey

why not just use the exisiting company for the import?

f1_fan

iTrader: (9)

Because this is a solo venture i.e. just me whereas the exisiting company is owned by both myself and my business partner.

scarey

if this is the temporary import you were talking about before xmas there will be no cost to the exisiting company. You dont pay the import duty and claim it back it is suspended for 6 months. Have you asked your partner if you would be ok doing this?

f1_fan

iTrader: (9)

Well that is part of it, but no, it is a long term venture that will hopefully make some money for me.... who knows LOL!

I have seen at close hand how things can go between business partners if things aren't completely simple and transparent and just don't want to take any chances hence why I want it as a separate entity.

DCI Gene Hunt

So you're attempting to pull a fast one on your business partner then?

f1_fan

iTrader: (9)

LOL I wondered how long it would be

Quite the opposite actually hence the desire for a separate company.

480bhp.com

Do a search for Duport, i used there online service to set up a Ltd company 9 years ago, pretty comprehensive package for what it sounds like you need and for not a lot of expenditure too.

Chris

Trout

iTrader: (1)

There a plenty of online facilities. I used my accountant and it was £175 from memory and the whole thing was set up. This was a new company. Second hand companies are cheaper!

subaruturbo_18

Woolworths imports. Excel imports. Dixons imports

Butty

iTrader: (2)

If its just a sole tradership that needs setting up then all you do is inform the IR of the start date/trading name (Mr f1_fan trading as XXX) and also HMRC if you want a VAT number to start with.
Both can be done online.
No need for an accountant to do this but they may be of help in deciding the start date in relation to first tax payments.

Scooby Soon!

i use a top accountant and they charged me £250 for a new fresh company, they did all the registration I just signed a few bits of paper.

Beware that if you are setting up a new company and using it to import you will get afew problems with customs.

GC8

I did it myself and it cost £20 and the cost of a statutory declaration (£5). You can buy a DIY pack from Staples for about £20 and you can use it over and again. The forms that you use can be replaced for free from Companies House.

Simon

f1_fan

iTrader: (9)

Thanks for the replies, I will have a look online and also at Staples/Office World. Failing that £250 for an accountant to do it is not bad either.

In what way?

hodgy0_2

probably to do with carousel fraud -- set up a new company import a lot of high cost items -- from the EU without paying VAT, then selling to UK consumers and charging VAT

the VAT is then claimed back from the UK government -- and the company is simply shut down

people made billions and billions from this before the Customs and Excise departments throughout Europe got wise to it

the same product (usually computer RAM or mobile phones) could well leave the UK and then re-enter again and again, generating massive VAT rebates each time

hence carousel

Johny (Champagne Charlie) Bell is an old business partner (and friend) of mine btw

http://www.microsoft.com/uk/press/co...1/pr03749.mspx

SinghSuperStud

iTrader: (2)

There are a million and one companies that do it online for you within 3 hours if you submit the details first thing.

I've used ukplc.net in the past but there are others that charge £15-£25 for a simple incorporation. You don't need any printed stuff as they'll email it to you anyways and you can run it off yourself!

The account will do exactly the same but charge a hell of a lot more.

For the import and export end of things to find out if you need any licenses, permits etc just speak to businesslink or the local chamber of commerce - it's all free

Cheers

NotoriousREV

I've used UKPLC.net too and had no issues whatsoever.

MMT WRX

And if its as a 'sole trader' you have 3 months to register.

Scooby Soon!

The VAT fraud thing is pretty much blocked now, you normally get problems importing because (customs) have a quick look over the paperwork, new LTD company, mobile telephone on paperwork, address incorrect etc then they will investigate further which = delays costing you money.

I had 10 containers one after another I brought in a few years back xrayed and one of them opened (£75 for customs to open a door!). With a bit of digging about it was to do with my mobile number on the paperwork and a new LTD company number. I found out later that 2 other companies on my industrial estate were independently (without each others knowledge) importing cigarettes from china and the eastern block) both were new LTD companies which probably didnt help me either!