How Do I Move from Sole Trader to Limited Company In Bullets Business Accounting Online?

Q: How Do I Move from Sole Trader to Limited Company In Bullets Business Accounting Online?

Anyway, I am changing over to a limited company and and need to replicate my current bullet set-up to a new account. Is this possible or do you have any functionality to help with this. My current setup is for Sole Trader only. I would like to keep both until all invoices have been paid etc and as its a new limited company it has to be separate identity.
Hopefully you can guide me in the right direction to make the switch-over easier.
Many thanks, Keith

1 answer

Peter Connor Staff February 25, 2014

Hi Keith,
Thanks for the question. 
So there are a couple of things I need to explain to you. Although ‘In your head’ they will be the same company just one a Sole Trader and one Limited, from the point of view of company law they are a completely separate and therefore a new entity.
Unless you’re Sole Trader business is worth a lot of money the easiest thing to do is setup a Limited Company and just cease trading as a Sole Trader, otherwise there are a transfer of assets and a risk of tax liabilities. All your bills, hosting etc can now be paid for by the Limited Business. 
On your open invoices with your Sole Trader business you can keep Sole Trader business running till the invoices get paid.
So here are some things that might help. 
1) Free Irish Company Formations Tool this free tool with save you about 400 quid, you’ll just need to pay the CRO fee of 100 quid.
2) ‘I’ve Just Formed My Company What Do I Do Now‘, Guide which will help you setup payroll register with revenue etc.
3) Once you’ve got your Vat registered you can sign-up to Bullet and get your free invoicing and free accounts software, and don’t forget the payroll to pay yourself. 
4) Bullets free iPhone app to capture receipts and claim your mileage
5) ‘How To Get 100k Off The Government For Free‘, our free guide to the Irish grant system. 
Hope that helps,  


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