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Post Info TOPIC: Transition to Ltd Co


Guru

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Transition to Ltd Co


Good evening all

I have had a dormant Ltd Co for a while and now finally decided to move from sole trader status to trading through the Ltd, started to get things up and running but only now thought about my HMRC agent account, do I need to open another agent account in the Ltd name? And if so I take it I will then have to apply for all the different agent services again, but what about all my clients is there an easy way to get them transferred over or will I then have get new agent authorisations for all of them again?

Is there anyway I can just keep all my agent details and just change the business name?

Also how do I stand as far as AML, will my existing MLR registration suffice as I will still be the supervising officer for MLR

Just hoping there will be an easy way of making the transition, any thoughts and advice would be much appreciated

Cheers



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Hi Doug

I went from ST to Ltd 4 years ago and wrote a letter to Agent Maintainer address telling them. They changed the name over and I didn't need to redo any 64-8s. The only thing to be wary of is VAT and PAYE, as they don't change over automatically. With VAT you have to delete your current agent vat agent no on the online agent log in and set up a new one, with the added pain of redoing the 64-8s. PAYE I think you can ring them up and change the details on each individual client but how it works for new clients I'm not sure.

I can't help on MLR as I just left it until the following year as it was in my name at the time rather that the ST name. Whether its more strict with 2017 regs I don't know.

EDITED to clarify VAT agent no



-- Edited by Leger on Monday 25th of February 2019 09:19:49 PM

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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Veteran Member

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Date:

Hi Doug

I had to do this early in the year. Wrote to HMRC first after setting up a new online ASA requesting a transfer of clients to the new account which was refused. I also called Agent Services to check I couldn't wriggle through, but no luck! The outcome was to request a whole bunch of new online 64-8's for all services. I was also sent a form by HMRC to re-confirm MLR details etc. Immediate checklist amongst other things is also to advise PII you are now Ltd, prof body & MLR. It's a pain but a good time of year as any to tackle it!

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Mike



Master Book-keeper

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Date:

Mike W wrote:

Hi Doug

I had to do this early in the year. Wrote to HMRC first after setting up a new online ASA requesting a transfer of clients to the new account which was refused.


Hi Mike, all I did was write to the Central Agent Authorisation Team in Newcastle and it was changed over for CT and SA in a couple of weeks. I didn't need to set up a new ASA. Maybe it's changed in the intervening 4 years?



__________________

John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Guru

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Date:

Thanks for the replies, I will give HMRC a ring today (they may help may not who knows) and go from there.

I think I am just going to reapply for all the services as I would if starting a new business, at least I will still have access to all my clients data on my sole trader account for SA just in case they do transfer them over and something goes wrong.

I will let you know the outcome , Cheers

Also I use Taxfiler, will I have to cancel my sole trader subscription and take out a new one in the LTD name?



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Veteran Member

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Posts: 52
Date:

I use Taxfiler and emailed their support team and they did the switch and changed the bank DD so that one is easy!

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Mike



Master Book-keeper

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Posts: 7874
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winkHi Doug
Do you use a trading name as a sole trader, or just use your actual name?

If the former, consider using this with your Limited T/as..... If you do this make sure you advise the Bank of your trading name (to fend off any potential issues) but just means you can keep any website/emails and such.

For any suppliers you do need to advise them that you are now limited, mostly in part due to the liability status (although this probs wont affect you too much with the likes of taxfiler costs (wink!) and so they invoice you correctly.

Agree with Mike - taxfiler should just amend your account so your clients all pull through to your new business although you will need to update the agent codes if you get new ones idc.

I went for new agent codes, meant I still had access to the old ones in case of issues. Find that easy enough, although a wee bit of a pain getting it all in place. Have to say I didnt want HMRC to do it as I was having huge problems dealing with them on all sorts of stuff for my footy man client so didnt hold out much hope they would get it right. Clearly though it worked for John.

MLR - I cant actually recall what I did. Think I wrote to them and will have an acknowledgement somewhere - but that was in the days when you could get to speak to a real person! I dont deal with them anymore but know the last time I did it was all hopeless online (in HMRC early days of setting that up, what a mare, doesnt bode well for MTD....again!)

Dont forget your ICO registration.

If your lodge accounts at Companies house you will need to apply for a new filer reference (you can do online) and update that in whatever software you use (VT filer etc)



__________________

Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Guru

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Posts: 883
Date:

Hi all

Spoke to HMRC which was a waste of time, online services said nothing to do with them it's agent helpline spoke to them and they didn't have a clue and said it was online services phoned them again hoping for a better answer but no so just gave up

Bring on MTDbiggrin

So I have registered a new ASA in the Ltd name and just posted a letter to the Agent Maintainer asking for codes for SA and CT I have also applied online for agent codes for VAT and PAYE, hopefully when these come through I can then start to move my clients over by getting new authorisation codes

Cheers for the info on taxfiler will email them and get that sorted

Thanks Joanne for mentioning CH I had forgot about them

So much to do and consider no wonder people engage accountants biggrin

On the train to Nottingham now to visit daughter and granddaughter on a beautiful sunny day work can wait till Friday



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice

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