New limited company
Discussion
Will you also be registering for VAT, payroll maybe?
Hopefully without being patronising are you sure you need a limited?
They can be a pain if you don’t really need one. The first thing that will happen is you’ll get a letter from HMRC saying you’ll need to pay them tax in the not too distant future.
The admin side of it all isn’t stuff you can’t do it’s just that small things can take time to sort out if you don’t have experience.
I’d say if you are serious about running a business you should get a good accountant sooner rather than later anyway.
Hopefully without being patronising are you sure you need a limited?
They can be a pain if you don’t really need one. The first thing that will happen is you’ll get a letter from HMRC saying you’ll need to pay them tax in the not too distant future.
The admin side of it all isn’t stuff you can’t do it’s just that small things can take time to sort out if you don’t have experience.
I’d say if you are serious about running a business you should get a good accountant sooner rather than later anyway.
The setting up of the limited company at Companies House is the easiest part of the setting up process.
The other things you will need to do are -
set up with HMRC for Corporation Tax (compulsory)
set up with HMRC for VAT (compulsory if you expect turnover to exceed £85,000 on a rolling 12 month period)
set up for HMRC for PAYE (if you intend to run payroll for directors and/or staff
consider whether the company needs to set up for pension Auto Enrolment
open a separate bank account for the company
check whether the company needs to register with the Information Commissioners Office (ICO) regarding stewardship of data.
When setting up the company, have consideration as to what financial year end the company might want for making up its annual accounts and Corporation Tax return. If you do not express any specific date, Companies House and HMRC will allocate you a year end date based on the date of incorporation of the company. In many cases, this is of no great significance but some people would prefer to set a different date for their business year end for personal or business reasons.
The other things you will need to do are -
set up with HMRC for Corporation Tax (compulsory)
set up with HMRC for VAT (compulsory if you expect turnover to exceed £85,000 on a rolling 12 month period)
set up for HMRC for PAYE (if you intend to run payroll for directors and/or staff
consider whether the company needs to set up for pension Auto Enrolment
open a separate bank account for the company
check whether the company needs to register with the Information Commissioners Office (ICO) regarding stewardship of data.
When setting up the company, have consideration as to what financial year end the company might want for making up its annual accounts and Corporation Tax return. If you do not express any specific date, Companies House and HMRC will allocate you a year end date based on the date of incorporation of the company. In many cases, this is of no great significance but some people would prefer to set a different date for their business year end for personal or business reasons.
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