Sole trader to company

Y

yop

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Hi,
I have to due to the company I contract into changing their policy of not dealing now with Sole Traders, to move to a company.
I have been a sole trader for 4 years now and its usually a 1 customer contract. I self assess and pay the VAT myself.

I understand I have to register the name, can I keep the same name I had as the sole trader?
Do I have to have a separate bank account for the business?
I can setup a single member but with my wife as a director.

Is there major difference in filing accounts for VAT and end of year?

Many thanks
 
1. Ask your accountant.

2. The company is a separate legal entity.

You have to register a company with the CRO, it can use a trade name of it registers it if the company name you want is not available.

The company will register for Corporation Tax, VAT and PAYE and operate PAYE on your salary. Note the discussions on motor expenses to Contractors.

The company will also have to file an annual return with the CRO. Be really careful that this is filed on time. Loss of the audit exemption will be a major issue for you.

You will still as a proprietary director have to file a form 11 each year yourself.
 
There are specialist firms of accountants and others who already have a company who will employ you and bill the client. This will cost you but will take away a lot of the headaches.

Brendan
 
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