Setting up a Limited Company in the UK can be daunting so we have put together a checklist to help you through the process.
A limited company is a private company whose owners are legally responsible for its debts only to the extent of the money they invested so has the benefit of limited liability
Companies must be registered at Companies House
UK Limited Company Checklist
Private Limited Companies (LTD.) When an owner liability is limited to their shares.
Private Limited Company by Guarantee (LBG) A company limited by guarantee has no shares or shareholders but is owned by guarantors who agree to pay a set amount of money towards any company debts.
Public Limited Companies (PLCs) Must have a minimum share capital of £50,000, at least two shareholders, two directors and a qualified company secretary.
Limited Liability Partnership (LLP) Formal partnership between at least two business partners which provides limited liability, which means they aren't fully responsible for the business' debts or liabilities.
Private Unlimited Company- Very Rare.Doesn’t have to submit an annual return or any financial statements compared to other limited companies.
The name you choose for your company must be completely unique. You can’t select a name that might be considered the ‘same as’ or ‘too like’ an existing company.
You can check names on companies house website company name availability.
You will be required to supply personal details to help Companies House identify you as a director.
Referred to as 'officers' you can have just one director or as many as you want. Directors will manage the day-to-day activities and finances and ensure all statutory filing obligations are met.
Company secretaries main role is to take care of general communications with Companies House, HMRC and general administrative tasks.
It is now no longer obliged to appoint a company secretary.
The owners allocation of share capital
Guarantors who agree to pay money towards company debts
You can just have one shareholder or many shareholders as you wish. Shareholders are entitled to receive a portion of profits in relation to the number and value of their shares.
Where official communications are sent and it must be a physical address in the same country.
Money does not belong to you and must be separated from your own finance.
Your company must register for VAT if your takings are more than £83,000 a year.
Register for Corporation Tax A Company requires a 10-digit Unique Taxpayer Reference ( UTR ) this is posted to your company address.
You must tell HMRC within 3 months of starting your tax accounting period if your limited company is within the charge of Corporation Tax and active.
So now its time to submit all your documents to complete your incorporation process and are you aware of your tax responsibilities Limited Company.