Apply for us to adopt your existing company
The first step towards getting setting up with us to adopt your limited company is to have a phone call with us, so that we can ascertain your requirements and ensure we are set up to serve you as best as we can. If you have not already had a call, please phone us on 01737 234567 or email our Client Liaison Manager email@example.com to set this up.
We then ask that you submit the relevant application form(s) to us, as below:
- Please use this form if you currently have an accountant
- Please use this form if you do not currently have an accountant
What happens next?
Once we receive your application form, Competex will:
- Send you instructions for paying the company transfer fee of £65 + VAT
- Send you our Letter of Engagement (LOE) for signing
- Send a clearance letter to your accountant (if applicable) requesting your current and recent accounts information.
- Send you a ‘Starter Checklist’ to fill in before you start taking income into the company (or as soon as possible afterwards)
- Register as your agent with HMRC for the relevant taxes and register your company for Value Added Tax (VAT) and PAYE (if required)
- Set you up with your accounting software, Competex FreeAgent
You will need to:
- Inform your accountant (if applicable) 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 (if applicable)
- Opt out of the Employment Agency Regulations (if applicable). 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 Running a Limited Company, which details how a company works, from getting set up to paying yourself to claiming expenses and running your bookkeeping.
For an overview of the company adoption process, view our infographic.
If you have any questions, please contact our team on 01737 234567.