We’ve just gone limited using Quickfile to setup with Company’s House.
How do we change the status in Quickfile so that it knows that we are a limited company and not a partnership anymore?
You would create a brand new QuickFile account. The accounting for both the partnership and Limited company must be kept completely separate as they are two different legal entities.
Is there anyway to import the information?
Or is it literally starting again?
We can move the client and supplier records for you. But with regards to everything else you’re starting from zero as it’s a brand new Limited company.
What do we do with regards the clients that we have already quoted?
Will we still be vat registered?
Do we have to contact the Inland Revenue?
You can run the partnership and LTD at the same time during this cross-over period. Certainly if the partnership is VAT registered and the LTD isn’t then any quotations made with VAT should be invoiced also with VAT from the old partnership account.
Also try make sure not to invoice from the LTD and pay into the partnership bank account or vice versa, keep them completely distinct otherwise you’ll have a headache with your accounts later.
OK… thanks… So technically we can leave the LTD dormant until the we get it vat registered etc… then start trading from LTD once all of the inland revenue stuff is sorted?
Yes that would make sense, I would check with your accountant but it will be much simpler once you have the LTD bank account opened and VAT number. You can then make a gradual transition.
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