A simple step-by-step guide to setting up a Limited Company
Looking to keep more of what you earn? Setting up a limited company can be an effective way to manage your tax outlay. And it’s much simpler than you might think. Read on to find out how to go about it.
1. Register your Limited Company
Before setting up a company, you’ll need to register it with Companies House. This process is called ‘incorporation’. They’ll want to know:
• what your company is called
• the names of the company directors
• the business address (to protect your privacy, you can use our Central London location as your publicly registered business address)
Make sure to pick a company name that hasn’t been used before. One way is to include the location of your business (i.e. ‘South Leeds Roofers and Joiners’).
You’ll also need to submit a memorandum and articles of association. These are legal statements signed by the directors and shareholders of the company that spell out how it will be run.
Once you have all the information you need, you can register your limited company online with Companies House. With our company formation packages, you can do this quickly and simply. There are four packages to choose from:
• E-Formation (£9.99): perfect if you want to secure a company name and don’t need any official printed documents.
• Essential (£19.99): offers you complete confidence that you’re starting a company with the rules and regulations covered.
• Entrepreneur (£59.99): kick-start your next big venture with official compliance and additional documents of incorporation.
• Super (£89.99): the complete secretarial and compliance package to establish your company on a robust footing.
Best of all, when you sign up for one of our company formation packages, we pay the £12 Companies House filing fee for you!
2. Register for Corporation Tax
After setting up a Ltd company with Companies House, you’ll need to register it for Corporation Tax. You should do this sometime in the first three months.
To register for Corporation Tax, you’ll need your company’s 10-digit Unique Taxpayer Reference (UTR). HMRC will send this to you by post within 14 days of registering your company with Companies House.
At the same time, you should register your company as an employer with HMRC. You should do this even if you are a sole trader.
3. Set up a Business Bank Account
When setting up a limited company, you’ll want to keep your business and personal finances separate. So remember to give your new company its own bank account. This will also make life easier when it comes to submitting your tax returns.
Make sure to shop around before choosing an account. Take a look at price comparison sites to find the best deal. And watch out for fees and charges for services like setting up standing orders and making payments by cheque.
If you don’t have time to shop around, we can save you the hassle and help you set up a business bank account. We have a special relationship with Barclays which means you’ll get a range of great benefits with a Barclays Bank Business Account for Start-ups:
• Free business banking for 12 months (terms and conditions apply)
• Loyalty rewards – the longer you bank, the more money you get back
• Support and guidance from the Barclays Business Banking telephone team
• Manage your account online, by phone, via the Barclays Mobile Banking app or in branch
Find out more and sign up today
Setting up a Limited Company: A quick recap
What information will I need when registering my company with you?
When setting up a limited company with one of our company formation packages, you’ll need to give us your company name and address, and the names and addresses of the company directors and shareholders.
When should I register the company for Corporation Tax?
Within three months of trading under the company name. HMRC will send you the tax code you’ll need within 14 days of registering the company with Companies House.
Why should I set up a business bank account?
Keeping your business and personal finances separate will make it easier to complete your annual tax returns. What’s more, there are some great offers out there for new businesses, including the 12 months of free banking you enjoy with a Barclays Business Account for Start-Ups.
Can you help me with setting up a Limited Company?
Our company formation packages start from just £3.99 and make it quick and simple to register your company online with Companies House.
Register your own business from £9.99
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Registered agent
Included with this bundle
A 3 in 1 service that protects your privacy, all other directors privacy and includes our mail forwarding service.
Registered office address:
On the public register, use our address as the business’s registered office address
Service address:
On the public register, use our address as all the directors service address
Mail forwarding:
Quick and efficient mail forwarding and junk mail filtering. No additional handling or postage fees.
Registered agent
Free for 3 months with this bundle
A 3 in 1 service that protects your privacy, all other directors privacy and includes our mail forwarding service.
Registered office address:
On the public register, use our address as the business’s registered office address
Service address:
On the public register, use our address as all the directors service address
Mail forwarding:
Quick and efficient mail forwarding and junk mail filtering. No additional handling or postage fees.
Registered agent
Free for 12 months with this bundle
A 3 in 1 service that protects your privacy, all other directors privacy and includes our mail forwarding service.
Registered office address:
On the public register, use our address as the business’s registered office address
Service address:
On the public register, use our address as all the directors service address
Mail forwarding:
Quick and efficient mail forwarding and junk mail filtering. No additional handling or postage fees.
Legal and finance
Protect your business legally and financially with:
Company credit checks:
Carry out company credit checks powered by Experian's most comprehensive and current credit data to make sure you're doing business with the right people by picking the right customers and securing your supply chain.
Company credit monitoring:
Monitor all your key customers and suppliers credit statuses and get email alerts of any significant changes. Make sure your customers can pay what they owe and your suppliers can deliver the goods they promise.
Debt recovery Toolkit
Manage all your customers' credit in one place. Download and send different payment chasers, reminders and monthly statements to make sure that invoices are paid on time and in full.
You can send a solicitor final warning letters and even take court action to recover what you're owed!
Legal Documents:
Easily create all the legally enforceable contracts, documents, policies and procedures your business could need to sing the simple, straightforward document creator wizard.
Safely store all your documents online, where you can access them wherever and whenever you want.
Legal Health Check:
Complete the simple question-answer form and discover exactly what documents your limited company needs to be legally protected.
24/7 Legal Advice:
Get legal support and advice when you need it. Access an extensive library of legal how-to guides, news bulletins of all the most recent legal developments and a 24/7 telephone support helpline.
Knowledge hub
The Formations Company and Companies House
What is a Private Limited Company?
How long does it take to register a new company?
When should I change from sole trader to limited company?
Limited Company Vs Sole Trader: Advantages and Disadvantages
