Apply for us to adopt your existing company
So that we can begin the process of adopting your limited company, we ask that you submit the following forms to us:.
- Company transfer forms. This includes both company and director/shareholder details. Clicking ‘Submit’ on each form will take you to the next page. At the end of the final form, you will directed to our online payment gateway to pay the company adoption fee of £65 (+VAT). This is hosted by Paypal, and all major credit or debit cards are accepted. You will be asked to upload a copy of your passport and a recent utility bill, so please have these to hand, as well as your current accountant’s details, if you have one.
- Certification of Identity by a Counter-Signatory, which will need to be completed by a suitable counter-signatory that has known you for 2+ years. You will also need to attach countersigned copies of ID documents. This is a legal requirement for us to carry out accounting work for your company.
What happens next?
Once we receive the forms, Competex will:
- Send you a Letter of Engagement (LOE) for signing
- Send you a form that you will need to fill in before you start taking income into the company (or as soon as possible afterwards)
- Register your company for Corporation Tax, Value Added Tax (VAT) and PAYE (if required)
- Set you up with your accounting software, Competex FreeAgent
You will need to:
- Inform your accountant of your plans to transfer your company and instruct them to release information to us
- Open the company bank account, if you haven’t already (RBS and NatWest usually provide a fast service)
- Arrange for professional indemnity and any other insurances (Hiscox is suitable for independent professionals)
- Sign the contract with your agency or end-client
- Opt out of the Employment Agency Regulations. This is relevant only if you are working through an agency, and we confirm that it is acceptable for you to opt out. Learn more.
Before beginning, we recommend you read the Competex guide Working through a Limited Company, which details how a company works, from getting set up to paying yourself to claiming expenses and running your bookkeeping. This guide also details the legislation you need to be aware of when operating through a limited company.
If you have any questions, please contact our team on 01737 234567.