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How to set up a company

How to set up a company

IntroductionContractors guide to a limited company

Due to the massive tax advantages, many contractors, small businesses, freelancers and locums operate via a limited company and there is no doubt running a limited company can be a daunting task.

A limited company is not for everyone, but a good accountant should take the stress away and make your life much easier.

This is a guide on what to expect and what your duties as a director will be. You should appoint a professional firm of chartered certified accountants to deal with your affairs.

A summary of company duties

Initially

  • Ensuring the name you choose is not already taken.
  • Forming the company with Companies House.
  • Appointing directors and shareholders
  • Register company for VAT, PAYE and Corporation Tax
  • Appoint an HMRC Agent (accountant)
  • Open a limited company bank account
  • Have you got your business trademarked?
  • Have you thought about business insurances?

Monthly

  • Calculate payroll and issue payslips
  • Declare dividends as required and issue dividend vouchers

Quarterly

  • Submit VAT returns
  • PAYE filling
  • Tax and business growth planning.

Annually

  • Annual company accounts
  • Corporation tax return (CT600)
  • File accounts and corporation tax return with HMRC
  • File an Annual Return with Companies House
  • File with HMRC P35s, P14s, P11ds
Next: “Set up your company”
Any questions? Speak to one of our friendly accountants on 020 7969 2879.