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I will be changing to a LTD from sole trader, how do I do it in QB?

using QB online in the UK

Best answer 02-06-2019 07:18 PM

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Super Contributor **

You will need to create a new "company". The reason for t...

You will need to create a new "company". The reason for this is that as a sole trader, your business is you as an individual running the business. The limited company is legally a seperate individual of which you are a shareholder.

So the company will need its own bank account, its own credit card account, and you will also need to ensure that adequate business insurance is taken out in the company's name. If the turnover is in excess of £82,000 per annum, the company will need to register for VAT. Check everything out with your accountant, if you have one.

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Highlighted
Super Contributor **

You will need to create a new "company". The reason for t...

You will need to create a new "company". The reason for this is that as a sole trader, your business is you as an individual running the business. The limited company is legally a seperate individual of which you are a shareholder.

So the company will need its own bank account, its own credit card account, and you will also need to ensure that adequate business insurance is taken out in the company's name. If the turnover is in excess of £82,000 per annum, the company will need to register for VAT. Check everything out with your accountant, if you have one.