Hi Sian
Thinking more about my current issue, I wonder if it is possible to change the status of my current account to an Ltd Co?
I would be using the same VAT number, the same bank account, and also have the same VAT quarters.
Is this something that I could do within QuickFile?
Steve
Are you asking to change an account that’s already been operated as a sole trader or change the account because it was set up by mistake?
If its the former. I wouldn’t advise it as you can’t combine sole trader income/exp with a Ltd company. It would need to start again and only a transfer of assets and liabilities
Hi @Steve_Wood
Because of the different legal requirements for the two different structures you are unable to change an account from a Sole Trader Account to a Limited Company Account. You would need to set up a new account for the limited company.
Paul
Thank you for your reply.
I converted my sole trader business to a Ltd Co on 1st January 2020. It has the same VAT number, same bank account and the same VAT quarters.
Rather than opening a new account with yourselves, it would be easier to simply change the status of the current account.
As an online travel agency, we do not have assets nor any liabilities.
(I did try and open a second account with you but your system would not allow me to use the same email address (my own email address).
Sian has previously confirmed that you could transfer all my existing client and supplier data to a new account.
Please let me know what you would do in my position?
Thank you.
Steve
Hi @Steve_Wood
What @Paul_Courtier and @QFSian have mentioned is correct - you need to keep the accounting records separate as they’re separate legal entities. With a sole trader, there’s no legal separation between the business and the individual, but with a limited company, it’s seen as a “person” in its own right.
Regarding the email address, you would have to use a different email address for the time being. You could even just set up a free email address for the purpose of setting up the account (e.g. with Gmail or Outlook). If you were to close your existing account, the email address can then be used for the new one, but I wouldn’t recommend doing this before having the new account in place.
Hopefully that helps.
P.s. Just to clarify @Paul_Courtier doesn’t actually work for QuickFile. He’s just a helpful member of the community 
Matthew
Thank you for your help.
I will set up a new account with a separate email address.
Sian confirmed that you can transfer all my supplier and client data to this account. Is this correct?
Thanks.
Steve
That’s correct. We just need the old and new account numbers, we’ll do a few checks on our end, and if everything is good, we’ll transfer everything for you.
Matthew
Great news.
I will get started.
Thanks again for your help and fast response.
Steve
Matthew
The new account is set up now.
If you can transfer all my client and supplier data I would be grateful.
The new account is Redacted and my original account is Redacted. My new email address is Redacted.
You have all been super helpful and it is much appreciated.
Can you confirm when the transfer of data has been completed so I can start loading January’s figures?
Regards
Steve
Hi @Steve_Wood
Thank you for this, I’ve just completed the transfer for you: 113 Clients have been imported and 120 Suppliers have been imported into your new account from your old one.
Sian
Excellent work, very efficient.
Thank you all for your help.
Steve
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