i am self employed and want to turn limited?

Question

i am a self employed builders mate and have been told i have to be limited,but have no idea how to go about it. who do i speak to and does it cost any money? any help would be much appreciated.

Answer 1

It does cost some money to form a company, but you can get new companies for as little as £ 50. The costs come in administration of the company and tax going forward.

It sounds very strange to me that a builders mate would "need" to be a limited company. Who has given you this advice?

Companies pay tax differently, require a different format of accounts to be produced from self-employed and are required to file annual returns. The admin burden just doesn't seem worthwhile in your case.

I would recommend that you consult your local accountant, if you ring them up most of them will be happy to give you a quick rundown without charging you, on the off chance that they can get some business later.

Answer 2

Ask the others where you work - they are in the same boat

In the old days it cost £30 to Register with 'Companies House' = no idea these days.

Should be easy enough to do it yourself = don't get sucked in by some cowboy 'we can create a Limited Company for you' merchants

Answer 3

I don't know why someone told you that, but there's some information on here :
http://www.startinbusiness.co.uk/flowchart/4flowchart_legalformat.htm

Personally I can't imagine why it would be useful to you to do this,
perhaps it might be an idea to have a word with an accountant first -