Post incorporation: Get the details right!

So you’ve formed a new company – but what happens next?

Once a company has been created, many directors of newly formed private limited companies make the mistake of thinking that that’s all there is to it.

Unlike a public limited company which needs to obtain a trading certificate, a private limited company can commence business immediately. However, certain matters do still need to be dealt with. Here are the key points on how to set up a UK company which will have more than one director/shareholder and intends to employ staff:

Urgent

  • Open a bank account
  • Agree a year end and amend if necessary
  • Consider insurance arrangements (for both the company and the director)
  • Apply for registration –
  1. PAYE– once you employ someone.
  2. VAT– consider voluntary registration
  3. Corporate Tax– needs to be done straight away (CT41)
  • Get the stationery right.

Not so urgent

  • Appoint accountants
  • Register for VAT when the annual limit has been exceeded.
  • Minute decisions taken at “board meetings” – especially for single or dual member firms
  • If there is only one director, ensure their will allows “personal representatives…the right… to appoint a person to be a director” so the company can continue, should the company have a sole director who dies.

Need more help?                  

Contact me on 01792 410104 or email: harri@bevanbuckland.co.uk

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