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Setting up your first business can be a difficult task.

No matter how much experience you have of other companies, you can never be fully prepared for setting up your own business.

That’s why we have come up with all the necessary information you need to know before and during the setting up your first business. This will help to keep you on top of all the bits and pieces that need taking care of including director’s responsibilities, accounts handling and completion of forms.

Getting set up:

Before contacting to Companies House, there are few things you should have completed and these include:

  • Choose a company name
  • Choose a registered address
  • Detail of shareholders and directors
  • Completion of Memorandum and Articles of Association.
Once you have got everything in order, it is time to go ahead and get your business register. You can do it by yourself our even can outsource it.
Registration with Companies House is the 1st step of setting up your company. This can be done in several ways:
  • Online
  • By filling in form IN01
  • By using an agent
Postal applications take max 8 to 10 days and cost £40, However online applications take up to 24 hours and cost £12 only.

You will also require getting register for Corporation tax with HMRC and this can be done through their website. You will need your Unique Taxpayer Reference (UTR) number (You will receive it from HMRC when you set up your company), your company’s registration number, the date you started trade and the date your annual accounts are made up to.

You will also require getting register for Corporation tax with HMRC and this can be done through their website. You will need your Unique Taxpayer Reference (UTR) number (You will receive it from HMRC when you set up your company), your company’s registration number, the date you started trade and the date your annual accounts are made up to.

Director’s responsibilities:
Being the director of a Limited company, there are a number of responsibilities: 
  • Your company must be registered with Companies House.
  • You must file companies Annual Return.
  • Annual accounts must be filed to companies house.
  • You must file CT600 to HMRC.

Payroll:

You are required to register your business as a your new employer and set up a payroll scheme

There are a lot of payroll service providers who will help you in setting up and managing your payroll. All you will need to do is keep your payroll records, with information of working hours and pay rates. If you have at least one employee with earnings of £112 or over a week, you will require registering for PAYE scheme. As the payroll service providers are experts, they can deliver you accurate payroll on time.


VAT:

You must register for VAT when you go over threshold. Even if it is not compulsory for your business, it may still be tax efficient for your business to do so.

Under compulsory registration, if your VAT taxable turnover is more than £80K or expected to be, you should register within 30 days of the business turnover exceeding the VAT threshold to avoid any penalty.

Even if your VAT taxable turnover is less than £80K, you can still register your business for VAT.

You can speak your accountant or vat registration services providers about whether you should register your business or not.

As the vat registration services providers have more experience and skills, they can guide you much better on this.


Managing finances:
Other than registering your company for VAT and setting up payroll, there are also a number of other financial tasks. These include; bookkeeping, setting prices, sending invoices and filing records.