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