Forming a Limited Company

Forming a Limited Company

To register with us, you need a Limited Company, having chosen Interim Management as a dedicated career choice. It is normal practice for interim managers to operate through a limited company as this clearly shows their Company is responsible for tax and any liability associated with the work undertaken; it also enables you to opt out of the protection 'The Conduct of Employment Agencies and Employment Businesses Regulations 2003' affords individuals, as your company is providing a subcontract service.

Before forming a Limited Company we strongly recommend you create a business plan. This will help clarify your thoughts, assisting you in creating and maintaining a viable business.

Business Plan should identify

1. What services or products your business will provide and the needs for this?
2. Who are your potential customers and why will they purchase from you?
3. How you will reach your potential customers?
4. Where will you get the financial resources from, to start and continue the business?

• American Express Small Business Plan Resources
  
• BOLA - Contents of a Simple Business Plan

Forming a Limited Company

Unless you have the necessary financial expertise we would suggest you involve an accountant at this stage, which may be more cost effective if you can negotiate an all-in fee for the first year's service.

Choosing an accountant

• Questions to ask when choosing an accountant
  
• ACCA: international accountancy body UK
• Institute of Chartered Accountants
• ICAS - The Institute of Chartered Accountants of Scotland

Limited company formation

For those with financial expertise: Companies House
Limited company formation (Google search)

Other considerations

In April 2000 the government introduced regulations known as IR35 detailing the Inland Revenues approach to intermediary service providers.
Inland Revenue IR35

VAT registration

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Maintaining a viable business