Registering & Owning a Company

Setting up a Limited Company

Deciding to register a Limited Company has advantages but also responsibilities.

 

A Limited Company is an entity separate from you as a person. Therefore, all liabilities belong to it, rather than to you as a person. However, the reporting is a bit more complex compared to self employment.

 

To form a company you need to:

  • Think of a proposed name

  • Choose the business registered address

  • Have your passport

  • Decide on number of shares

  • If multiple shareholders, decide on percentage of shares each

 

What next?

Upon formation, a Certificate of Incorporation is issued, stating that the business is registered with the Companies House. From that moment onward, the company can begin trading.

 

The next step is to open a business bank account to be able to receive and make payments.

 

Once the business is active, it needs to report this to HMRC to be registered for Corporation Tax.

 

If the taxable income is higher than £85,000 for a rolling 12 months period, the company has to be registered for VAT.

 

If you employ people and their monthly wages are above £520, it becomes compulsory to register the company as an Employer and run the employees Payroll.

 

Once a year, the directors have the obligation to submit Annual Accounts to Companies House and Corporation Tax Return to HMRC  to report the financial situation of the business during its financial year.

 

Also yearly, the Companies House requests that a Confirmation Statement is submitted to report current address, shareholders, directors, number or transfer of shares and people with significant control.

 

What can Priority Point do for you?

  • We will register your company with Companies House and make available to you all the documents within 24 hours of registration

  • We will inform you of all necessary steps and make you aware of your responsibilities

  • We can support you with any accounting aspect of your business to ensure compliance and accuracy

Talk to us if you wish to be guided and supported in the new venture of registering and running a company.