Start Up Company Checklist

When forming a Limited Company make sure you get it right from the start. The following checklist shows several steps, legal requirements worth following to avoid costly mistakes.

First things first..

  • Pick a company name; Check your desired name is not currently being used (this should end with Limited or Ltd)
  • Purchase a suitable business domain/web address (e.g www.company.com)
  • Registered Office; Register a location where official mail from HMRC and Companies house will be sent. This is typically a business premises but can be other (this cannot be a PO Box) and must be in the U.K

Now you’re ready to form your company!

  • Form a Limited Company and Register with Companies House
  • HM Revenue & Customs will contact you and generate your Company UTR (Unique Taxpayer Reference)
  • Consider a Payroll scheme if you are  to employing someone
  • Turnover more than £83k? You may need to register for VAT

A little bit of admin..

  • Produce a Business plan; a statement of goals and plans for reaching them
  • Review funding options; self funding? Create a Director’s Loan Account
  • Budgeting how will you allocate your budget?
  • Organise business insurance
  • Cashflow forecasting monitor cash fluctuations, growth and consider additional funding methods e.g bank loan
  • Bookkeeping: Keep good records from the outset inc all expenses & income

Keep one step ahead..

  • Create a business calendar; be aware of key dates e.g filing deadlines
  • Check legal requirements with your local authority
  • Be Aware of Corporate tax obligations
Anita is a Chartered Accountant, turned blogger, with over 10 years experience in accounting, tax and operations for Small Businesses. Anita is on a mission to make finance simple for the self employed, so they can stop stressing about their business finances and focus on building profitable businesses which will give them the lifestyle they dream of.