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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Hi , I need to set up a building company but dont know where

Customer Question

Hi ,
I need to set up a building company but don`t know where to start
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Josh-2010 :

Thanks for your question. Please kindly RATE my answer when you are satisfied

Josh-2010 :

Do you intend to develop property please?

JACUSTOMER-e4vjan2j- :

No I want to start build extensions

Josh-2010 :

Thanks. Have you been advised given your turnover or projected turnover that a limited company is likely to be the best vehicle for your business by your accountant?

JACUSTOMER-e4vjan2j- :

Need to know where to get plans....where I can find building regulations.......how can I pay tax after the profit I make....

JACUSTOMER-e4vjan2j- :

I don`t have any acountant....I`m just a simple builder.....

Josh-2010 :

OK. You can either run the company as a sole trader where it is you trading as (your business name) or you can set up a limited company. You tend to need to earn at least £60K plus in terms of profit before it is worth setting up a limited company as there are costs involved in runngin a ltd company. There is a calculator you can use to compare the two structures here but this is limited and you need to seek full advice from an accountant idelaly before committing to a limited company.

Josh-2010 :

If you decide to set up a limited company then there are many company formation agents that will do it for you for next nothing which can be goolgled.

Josh-2010 :

In terms of plans, if you mean plans for the extensions presumably these need to be prepared either by you or a house designer or architect on a case by case basis.

Josh-2010 :

The latest building regulations can be accessed here:

Josh-2010 :

http://www.planningportal.gov.uk/buildingregulations/approveddocuments/

Josh-2010 :

In terms of paying tax, if you set up a limited company you have no choice but to retain an accountant as it is a legal requirement. If you run the company as a sole trader you may still prefer to but there are software packages that allow you to produce your own accounts and submit them to HMRC such as Freeagent and Quicken for example.

Josh-2010 :

Is there anything above I can clairify for you or anything else I can help you with?

JACUSTOMER-e4vjan2j- :

as a sole trader......how people can verify I`m register as a builder... ??? I see many vans with that CHAS certificated.....what does that do please?

Josh-2010 :

You don't need to register to be a builder however there are a variety of different organisations you can register with to add confidence to your work and which should in turn reduce your insurance.

Josh-2010 :

There is the Federation of Mater Builders. http://www.fmb.org.uk/

Josh-2010 :

Trustmark http://www.trustmark.org.uk/

Josh-2010 :

Chas is a health and safety accreditation which means you have knowledge of health and safety requirements and policies.

Josh-2010 :

The above are not legal requirements but can add confident to your service.

Josh-2010 :

Is there anything else I can help you with?

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