The comprehensive guide to starting your own limited company.
Going from full-time employment to contracting – or indeed, setting up your own venture – can be daunting, particularly in the early stages. But as the old mantra goes: start, and the rest is easy.
This guide will walk you through the first step in building your empire: setting up a limited company. 🚀
First of all, make sure a limited company is right for you.
Choose your company name.
Decide your company trading address.
Appoint shareholders and issue shares.
Make sure your paperwork gets done.
Choose your SIC code.
Register your company and address with Companies House.
Open a business bank account.
Consider registering for VAT
Register for Corporation Tax.
Register as an employer.
Insure your company.
And there you have it! If you follow this guide, you're all set. 🎉
Finally, see below a checklist of the requirements needed to set up a limited company.
- A unique company name.
- An official company address to which all HMRC correspondence will be sent.
- At least one director.
- At least one shareholder.
- The SIC code that describes the trading activities of your company.
- Memorandum and Articles of Association - CH Model Articles are good.
- Details of the person or people involved such as town of birth etc.
- You might get asked for some ID and proof of your address.
Full-package, fuss-free accounting for contractors.
Once you're up and running, get Ember, so that you can spend less time dealing with admin and more time focusing on what really matters.