Setting up a Limted Company....

#1
Greetings all,

I (Civvy) am about to set up a Ltd. company with a serving soldier.
Would/Should/Could he need to get permission from his CO before becoming a Company Director / carrying on private business interests?

TTFN

BFG
 
#3
Once you have official clarification, I have one for sale.

Currently dormant, no assets or liabilities, clean credit record, up-to-date accounts etc.

PM me if interested.

Good luck!
 
#5
A good accountant will set up a limited company for you. I think mine cost about £75. You could do this cheaper but you really do need a good accountant anyway as they will sort out all the scheming tax plans for your benefit. Mine does!
I begrudge giving money to Gordon to waste on idle loafers - he's not spending it where it's required.

PM for guidance if you wish.

I don't know about rules for serving soldiers being company directors but it would be common courtesy to advise his CO. Perhaps SABRE could advise even though he's a reg?
 
#6
Posting a reply as the serving soldier concerned in this thread,

Paywog I thank you for an intellectual reply. As for the rest WTF!!!! RTFQ! Did you produce a biff chit to be excused the barb test?

Regards,

ssb655.
 
#7
caubeen said:
Once you have official clarification, I have one for sale.

Currently dormant, no assets or liabilities, clean credit record, up-to-date accounts etc.

PM me if interested.

Good luck!
Will he have to retain the original company name though, as "Wax on, Wax off" isn't a suitable name for every commercial enterprise.
 
#8
ssb655 said:
Posting a reply as the serving soldier concerned in this thread,

Paywog I thank you for an intellectual reply. As for the rest WTF!!!! RTFQ! Did you produce a biff chit to be excused the barb test?

Regards,

ssb655.
That's a bit harsh. People were just trying to help.
 
#9
Hmm, would said Soldier need CO's Permission if the Company was Offshore hence no Taxation problems as long as no money is being made from U.K. sources, how many people in the Military actually have a second income through another Business and don't 'inform' their CO probably quite a number... What will the Company be dealing in ssb655? Good Luck with it whatever it is...
 
#10
Yes you can change the name.... you will be reg with companies house as directors / Co sec , this info also floats about the net. Therefore have no suprises and no skeletons in the cupboard, you would be suprised what gets trawled up during "routine " enquiries so inform your CO !!
I have a smal PLC for my "hobby" have a good accountant and lawyer, make them work though.
Take my advice ( I'm not using it ) ask first ,assume nothing, get in writing and keep good records.
Good luck

WW
btw that'll be £100 fee
 

Mr_Fingerz

LE
Book Reviewer
#11
If your company is based in the UK, you'll need to register with different parts of HM Revenue and Customs for:

VAT
PAYE
Corporation Tax
National Insurance
Excise (if you're involved in the Holding and Movement of Excise goods (alcohol and tobacco), the production of Excise goods (alcohol, tobacco, biodiesel, fuel substitutes, heating and motor fuels)

see www.hmrc.gov.uk

Get a good accountant/tax advisor/tax planner. You can legally avoid tax, but you can't evade it.
 
#12
I thank you for the advice guys,

I kinda suspected that was the case but obviously it is better to ask someone that may have gone down that path than to not.

Thanks for the good wishes.

ssb655
 
#13
Guys,

A slight development.....Can anyone recall where in Q.R.s where permission for a secondary employment is covered? From what has come to light, I MIGHT not require permission to set up a company, although it is considered etiquette to inform my big boss. I will require permission to take on a secondary employment however.

Cheers,

ssb655
 
#14
ssb655 said:
Guys,

A slight development.....Can anyone recall where in Q.R.s where permission for a secondary employment is covered? From what has come to light, I MIGHT not require permission to set up a company, although it is considered etiquette to inform my big boss. I will require permission to take on a secondary employment however.

Cheers,

ssb655
Hi, ssb655.

See QRs para J5.076 onwards.

Acceptance of Business Appointments
J5.076. A member of the regular forces may not, without authority, accept any continuous employment of profit during his full time service. Subject to para J5.078 or any separate instructions, he may not, without Ministry of Defence (PS 2a(Army)) approval:
a. Carry on any profession, engage in trade or accept any profitable employment;
b. Be a member of a governing body of any corporation, company or undertaking, or of any partnership engaged in any trade or carrying on any profession;
c. Assist, advise or act directly or indirectly as agent for any corporation, company, partnership, undertaking, or individual which or who is carrying on any profession or is engaged in trade or is profitably employed.
...
NB that doesnt mean that permission will not be granted! I am aware of cases where it has been, quite rightly so.

Welcome to PM me in the event of any difficulty. I can give you the full quote from QRs if it is needed.

Hope that helps.


D.Y. (British Armed Forces Federation - BAFF)
 
#15
Hey Hackle,

WOW!! A full, concise and speedy reply. I'm mightily impressed. Hopefully I wont have to take up your kind offer of further assistance and I can achieve my goal using only this information.

Many thanks,

ssb655.
 
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