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Level 1

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

using QB online in the UK

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Best answer 02-07-2019

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Level 3

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

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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Level 3

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

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.

View solution in original post

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Level 1

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

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

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Level 1

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

And then what do I do now?

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Level 1

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

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

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QuickBooks Team

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

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

 

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Level 1

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

I have a similar situation. Is there a simple way to transfer the YTD payroll info from the sole trader to the limited company or do we have to input YTD figures into the new company on QB?

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QuickBooks Team

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

Hello DCP01

 

Thanks for reaching out to us.Currently you can only export the employee list from one QuickBooks Online company into another company.

 

You would have to manually enter YTD in the new company for your employees

 

Any questions let us know

 

Emma