Bit of help please

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Clarey

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Hi all,
Me and my partner have just won a job on a school through a very good contact and is due to start in 1 week. BUT 1: we are not insured at this moment so would it matter if got insured couple days before job starts??

2: we have added VAT but have not yet informed hmrc or have not regestered company does this matter as long as we keep the vat money seperate? I was told that as long as you inform hmrc before 6months of trading that is ok as long as you back date payments??

Any advice or help will be gratefull.
 
Insurance wont matter as long as you're covered before work starts,you need to have a turnover higher than about 90k or so,to be vat registered if you're not,then simply dont charge vat,hope this helps;)
 
you only have to have your insurance when you start erecting but most companies would want to see a copy of it before issuing the contract or letting you commence work

you dont have to become vat registered unless you are over the thresshold of 40k (i think)
but u cant charge vat untill ur registered because thats fraud - the main contractor would have to verify and if they cant they would automatically deduct 30%, you would also show up on the radar on the 19th of the following month when they submit their return to hmrc,

explain to your contractor that you will only start deducting once your registration comes through and instead of sending an invoice send an application for payment
 
Thanks boys. So basically i just will just inform hmrc what i have earned for this job and they will deduct the tax. I dont want to be lyd company but i do have to inform hmrc of partnership and get a class 1 ni number is that correct??So i can just give a invoice to the customer of job description and price??
 
Appoint an accountant from day one,he'll apply for your tax status,and keep you above board;)
 
I had a accountant all sorted but thwn she fucked off to cambridge and no1 else can conpete with her prices. BItCh. Thanks for all help guys its appreciated.

---------- Post added at 07:40 AM ---------- Previous post was at 06:28 AM ----------

Sorry to keep on. For example if i charged 3k for a job which is going through the books i just keep the invoice copy and at end of tax year give it to accountant and they deal the rest is that it??
 
Clarey, I would say there was a bit more to it than that. First things first though and take heed of the earlier comments about the vat man, don't mess with him and never claim to be registered when you aren't as that is a crime. Is this the beginnings of a small firm or just a one off job, as that would also affect any advise given?

If it's a one off, keep the invoice and all receipts for every expense to do the job and give it all to an accountant to sort out but if it's a firm you really need to get yourself another accountant on board now before it goes any further.

The insurance thing can be sorted before the job starts, I just hope you don't get a fright when you see the quote.:eek:

Good Luck
 
Thank aom,
Its a start of a small firm and i have this second got off phone to another accountant as your advice helped. When price a job i just inform my accountant of the price to keep record?? If you have any more advice id appreciate it.
I see on another topic you offered a template invoice and couple of other things any chance of sending me the same please scaffolding5star@hotmail.co.uk there is so much to think about no wonder why so many firms go bust.
 
I will send it Clarey but as Damo has said mine is not the be all and end all. If you can wait till later I will also send you a couple of templates for T&C's all numbered so you can add certain numbers to your estimate. I also use our risk assessment to add a few things to cover us like roofs and damage from ties, there is a million way's to cover your ass but experience will soon tell you what's best for you and your market.

Not sure what else to say but get out there and do the graft.
 
Clarey said:
Thank aom,
Its a start of a small firm and i have this second got off phone to another accountant as your advice helped. When price a job i just inform my accountant of the price to keep record?? If you have any more advice id appreciate it.
I see on another topic you offered a template invoice and couple of other things any chance of sending me the same please scaffolding5star@hotmail.co.uk there is so much to think about no wonder why so many firms go bust.
Click to expand...

you might need to have a Public Liability Limit of £10m for any school work (at minimum it will be £5m). depending on set up of the company will affect costs. If you are purely two partners trading as without employees or labourers, then you will not require Employers Liability. starting costs are anywhere from £1,000 to £2,500
 
Unless the laws have changed since I owned my company, anyone can become vat registered but it is compulsory once you reach a certain threshold. Do not charge vat if your not registered the vat man will have your pants down + it could show the company in a bat light, not what you need when setting up.
As long as you're insured when you start the work you should be ok but most companies want to see certificates (public/employees etc) before granting contracts.
Good luck. :D
 
Good free advice given to Clarey, well done guys nice too see some comradeship. Scaffolders **** to a blanket......sometimes :)

Oh, Clarey keep the cash jobs in ya sky...lol
 
Think the VAT threshold is around the 70k mark, If your not VAT registered then don't charge for as already said it's against the law, I think the main thing for you is to get your insurance in place before you touch a fitting, and getting paid, keep records of your income and expenditure for your partnership/business keep everything organised on that side of things for your accountant and he should charge less, good luck
 
Know of a good accountant if any one wants number specialises in scaffold industry just pm me
 
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