What happens after I have formed my limited company?

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So, I have just formed a limited company in Wales. I’ve got all of my documents through, and it looks like I’m ready to go. Now, I’m at a loss. What am I supposed to do now? By that, I mean, do I need to register anywhere else or for anything else? Thanks

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Once your company has been registered, you will receive a certificate of incorporation from Companies House, along with your share certificates (if applicable) and the memorandum and articles of association. Your company is ready to trade whenever you are.

When you start to trade through your company, you have to:

  • Register for Corporation Tax. This should be done within 3 months of any business activity taking place.
  • Register for VAT if you expect your turnover to exceed £82,000 within 12 months. Regardless, if may be beneficial for you to register voluntarily.
  • If you plan to employ any people or pay yourself a director’s salary, you must register for Pay As You Earn (PAYE).
  • If you plan to pay yourself dividends, you will have to register yourself for Self-Assessment.
  • Ensure all company stationery - including your website - states your company name, company registration number, registered office address and country of company incorporation.
  • Display your full company name on a sign at your registered office and any place the company operates, unless you use a private residence for these purposes.

You should also open a business bank account in your company name before you start trading - this is not a legal requirement but it’s advisable for reasons of practicality and effective accounting practice.

a year ago
 

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