What to do once you’ve started a limited company
You’ve had an idea, researched the market and came up with something to sell. Now you’ve registered the company you should have a name and a registered office address.
Get a business bank account:
All limited company transactions should go through this and don’t use this for personal spend.
Keep your registration records safe:
When you registered Companies House will send you an Authentication Code. Keep this confidential and secure. You’ll need it to file anything with them. HMRC will send you your companies UTR. This is it’s tax reference in order to pay corporation tax. You’ll need this to file company tax returns.
Set up accounting / record keeping systems:
We recommend Free Agent / Quickbooks or Xero. This will make it easy and efficient to categorise your date to later analyse your business performance.
Get Business Insurance:
Consider obtaining business insurance to protect your company against potential risks and liabilities. The types of insurance you need may vary depending on your industry.
Skill up on business taxes:
Learn about corporation tax including how much it is and when it is due. Check the VAT threshold and monitor sales so you know quickly if you’re going to breach it.
Build an online presence:
A website can help you showcase your products, make it easy for customers to reach you, and sell from.
Comply with regulations:
Companies have statutory requirements for submitting accounts, tax returns and confirmation statements. Make sure you understand what these are and when you’re going to need them.
Seek professional advice:
Work with an accountant to get support through out the year as you get started and have questions.
