New limited company

Congratulations on setting up a new limited company! Here's a step-by-step guide to help you get started:

Step 1: Choose a Company Name

  1. Check if the name is available by searching the Companies House website.
  2. Ensure the name is unique and not too similar to an existing company.
  3. Choose a name that reflects your business activities and is easy to remember.

Step 2: Register with Companies House

  1. Fill out the application form (IN01) and submit it online or by post.
  2. Pay the registration fee (£12 for online or £40 for postal application).
  3. Provide the required information, including:
    • Company name
    • Registered office address
    • Nature of business
    • Share capital (minimum £1)

Step 3: Appoint Directors and Shareholders

  1. Appoint at least one director and one shareholder.
  2. Ensure the directors and shareholders are over 16 years old and have a UK address.
  3. Fill out the director and shareholder details on the application form.

Step 4: Open a Business Bank Account

  1. Open a business bank account to separate personal and business finances.
  2. Choose a bank that offers services suitable for your business needs.
  3. Provide the required documents, such as proof of identity and address.

Step 5: Obtain an Employer Identification Number (EIN)

  1. Apply for an EIN from HMRC if you plan to employ staff or pay VAT.
  2. Use the EIN to register for VAT, PAYE, and other taxes.

Step 6: Register for VAT (if applicable)

  1. Check if your business is VAT-registered (turnover above £85,000).
  2. Register for VAT online or by post.
  3. Provide the required information, including your business details and VAT rate.

Step 7: Obtain Insurance

  1. Consider obtaining insurance to protect your business and personal assets.
  2. Choose insurance policies that suit your business needs, such as public liability, professional indemnity, and employer's liability.

Step 8: Comply with Company Law

  1. Keep accurate financial records and maintain a company register.
  2. Hold annual general meetings (AGMs) and file annual accounts with Companies House.
  3. Comply with other company law requirements, such as filing changes to company details.

Additional Tips

  1. Consult with an accountant or business advisor to ensure you're meeting all the necessary requirements.
  2. Keep your company records and documents organized and up-to-date.
  3. Consider registering for other business licenses or permits, such as food safety or environmental permits.

Remember, setting up a limited company requires careful planning and attention to detail. Take your time, and don't hesitate to seek professional advice if you're unsure about any aspect of the process.