Whether your company is formed or you are just getting started, the main areas you will need to be aware of are:
These are the owners of the limited company, they are entitled to a share of any distributions made from the company’s profit and to a share of any residual assets on winding up the company.
These are the people who are appointed by the shareholders to take care of the day-to-day running of the company.
This is the legal address of the company. One of the most important things to keep in mind is that the company is a separate legal entity from those that own/manage it. In the case of most private companies, the shareholders and directors will be the same people.
One of the first things to do after the company has been formed is to open a bank account as this will be needed in order to receive money from trading. There are numerous banks that are all keen to open an account for you; however we don’t think that you’ll find a better option than our recommended bank, Cater Allen.
Cater Allen offer free banking for the life of the account for up to 30 transactions per month. If you open the account through Nixon Williams then they will waive their minimum balance requirement.
Register for Taxes
There are three main taxes which you will need to ensure that the company is registered for: PAYE; VAT and Corporation Tax. In addition to this, any directors or shareholders (where dividend income stands to exceed £10,000) will need to register for a self-assessment tax return. PAYE and VAT registrations can be completed online via HMRC’s website immediately.
There are three types of insurance that new businesses generally need to consider:
- Public Liability
- Professional Indemnity
- Employers Liability
Appoint an Accountant
It is important to appoint an accountant in the early stages of running a company, the knowledge and advice offered by an experienced accountant can be invaluable in guiding you through the compliance issues involved in running a company.
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Why Choose Nixon Williams?
At Nixon Williams our aim is to assist in making your contracting life easier by removing the stress normally associated with accounting, taxation and other financial issues experienced by contractors.
Each of our clients are provided with a single point of contact that will be on hand to assist with any accountancy or tax related queries.