How to Correctly set up a Limited Company in the UK
If you’re setting up a business in the UK, it is a wise move to run your business as a limited company. Setting your business up as a limited company means it is recognised as a legal entity. In other words, it is legally separate from the people who run it. This includes its finances, which are made separate from your personal ones, and you can keep any profits it makes after paying tax. Making your business a limited company has many benefits, but it can also be quite complex to set up. Here are a few things for you to keep in mind if you’re considering setting up a limited company:
When it comes to setting up your limited company in the UK, you’ll need to register with Companies House. Before you can do this you need to be sure of a few details about your company. Primarily, you need an apt company name, a list of the name(s) of its director(s), an official company address, and details of the company’s shares. As well as this, according to Gov.UK you need at least one shareholder to allow you to check your SIC code (Standard Industrial Classification) which identifies what your company does. You’ll also need an agreed upon ‘memorandum and articles of association’, which is a written contract by the shareholders confirming their agreement to create the company. This reasonably extensive list is just the basics of what you need before you can even register your limited company in the UK. If this seems like a lot to get in order, some guidance from an expert may be reassuring when setting up your limited company. At BNA Consulting we’re experts in the whole process, meaning we can help guide you to make sure everything is taken care of and the process runs smoothly. We’re well versed in advising with Companies House administration tasks, such as registering the office, secretarial services, bookkeeping, business plan preparation and monthly/quarterly account management. Whatever your need or unsure of, BNA Consulting is happy to help.
You’ll also need to consider the calculation and administration of PAYE/NI to your employees, as well as calculations of monthly dividends and administration of quarterly VAT returns. Again, if you’re busy running your company, it can be easier and be comforting to hand over these precise, time-consuming and complex financial duties to experts who are used to the procedures in place. At BNA Consulting we frequently deal with the preparation of income tax returns, routine tax queries, preparation of annual accounts and the company’s corporation tax, as well as the CT600 return (Company Tax Return). Our English and Russian speaking accountants also specialise in the preparation of the annual return to Companies House, so you won’t get caught out. We can also help you set up the company bank account to ensure its separate from your personal finances quickly and easily, either through our reliable HSBC partners or with your preferred bank.
BNA Consulting’s services can be tailored to your needs. Whatever you’re unsure of, need help with, or even just need checking over, our expert team of English and Russian speaking accountants will be able to guide and help you, meaning you can rest assured that your limited company has been set up correctly by UK standards and is prepared for the responsibilities it will have to fulfil in the future. As well as helping you set up your limited company in the UK, we can remain with you annually to keep you on top of everything. Get in touch with BNA Consulting today to find out more about how we can help you to set up a limited company in the UK.