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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

Solved
Best answer 02-07-2019

Accepted Solutions
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.

5 REPLIES 5
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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Re: You will need to create a new "company". The reason for t...

Yes I did create the new name and I've opened a bank account for it

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

And then what do I do now?

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

Yes I did create the new name and I've opened a bank account for it.

QuickBooks Team

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

Hello 123416

 

Welcome to the Community.

 

Are you asking what you would do next in QuickBooks Online as regards entering transactions?If you have set up the new account for the new company and have the new bank account that would using be the next stage after setting up the account.Is there something specifically need to enter that you have a question on?

 

Thanks

 

Ennma