Set up a limited company
Checklist: set up a limited company
To set up a limited company there are several things you must do. Make sure that you:
- Appoint a director, who will be legally responsible for running the company and making sure company accounts and reports are properly prepared - see appoint directors and a company secretary.
- Register your business with Companies House - see starting a company or partnership.
- Register for coropration tax within three months of starting to do business - see understand corporation tax.
- Obtain any planning permission that you may need from your local council - find your local council in Northern Ireland.
- Obtain any licences or permits that you may need - use the licence finder tool to find out what licences or permits your business may require.
- Contact the Land and Property Services to find out whether you need to pay business rates - see business rates: the basics.
- Contact HMRC to register for VAT if you expect to have turnover of more than £85,000 a year - see registering for VAT.
- Register with HMRC for PAYE (Pay As You Earn) if you employ staff - see registering and getting started with PAYE.
- Register with HMRC if you are a contractor or subcontractor in the construction industry - see contractors and the Construction Industry Scheme.
- Set up a financial record-keeping system - see set up a basic record-keeping system.
- Put your name on all your business stationery, including letters, invoices, receipts and cheques - see name your business.
- Set terms and conditions for your customers, such as when your invoices are to be paid - see ensure customers pay you on time.
- Ensure all business insurance requirements are in place - see business insurance: the basics.
It's worth remembering that this is just a start. As you continue in business, you may have other legal and tax issues to bear in mind.