Setting up
your business

Use this checklist when starting up in business as a limited company.

What you must do

• Choose a unique company name
• Register at Companies House
• Submit your annual accounts and annual return each year to Companies House
• Tell HMRC you will be liable for corporation tax
• Pay tax and NI for any employees (including yourself - and you must comply with minimum wage legislation, even for yourself).
• Get a business bank account for the company.
• Get headed paper printed, making sure it includes your company registration number, address and a VAT number if applicable.
• Choose a director (you if it’s just your company - and mkae sure you understand your duties).

What you might want or need to do

• Apply for VAT registration if turnover is over £68,000 (2009-10).
• Take out any relevant insurance (EG public liability or employer’s cover).
• Pay a dividend to shareholders (ie you).
• Get permission or a licence from your local authority for certain types of business.
• Get an accountant - you can do it yourself, but with corporation tax it’s far simpler to use an accountant.