So, you have made the decision to set up a company, but what do you do next? There are several key steps to follow when forming a limited company. Here are the key things:
You will need to come up with a name for your company. This is your opportunity to put your stamp on your business and can be fun thinking up unique names. You can use the Companies House company name availability checker to see if the name you want to available.
Once you have chosen a name you need to incorporate the company by registering it with Companies House. This can be done online or by post.
You will need to appoint at least one director and shareholder when incorporating the company. That is likely to be you although you can add additional directors and shareholders.
You must inform HMRC that you have incorporated a new company within three months of starting any business activity.
Once your company is incorporated you may also want to register with HMRC for VAT and register as an employer.
It is important to understand that your personal finances are separate from your business finances so you will need to open a business bank account.
There is a wide range of options so it is important to find an account that fit your requirements.
As a contractor you’ll need to take out business insurance in order to make sure you are covered if something goes wrong. The typical requirements for business insurances will be professional indemnity, public liability and employer’s liability.
All the administration involved in running a limited company may seem overwhelming at first so it is important to get the right advice.
Appointing a specialist contractor accountant like Taxevo will help take the hassle out of running your business and help you with important dates, your IR35 status and making sure you stay compliant with HMRC and Companies House.
At Taxevo, we can assist with all aspects of setting up your company and if you sign up to one of our packages we will do it all free of charge.
Plus, sign up before 31 October to be in with a chance to win an iPad.
Call us now on 01962 790237 or email [email protected].