Getting started and forming a company... in just 24 hrs
Starting your own limited company involves incorporating and becoming a director of your own company, setting up a business bank account and arranging for business insurance. This will be relatively straightforward since we can help you with all of this. We can also usually incorporate your company within 24 hours following these steps.
Choosing a name for your company.
Within reason, this can be whatever you like, although, it shouldn’t contain any offensive or sensitive words. We can check with Companies House to see if your chosen name already exists and whether it’s too similar to another name. If taken already we can help you to find another name.
Becoming a Director.
There should be at least one and it can be you. Legally, a director should be 16 or over, not an undischarged bankrupt or disqualified from acting as a director.
Registered office address
This is somewhere important documents can be delivered. It can be your home address or Shield Accountancy’s, if you like.
As a director you would be responsible for filing returns to Companies House and checking that your tax, VAT and national insurance contributions are recorded, submitted and paid to HMRC on time. Although there is slightly more to do in comparison to PAYE employment don’t worry as your dedicated accountant will guide you through this and remind you of any upcoming responsibilities.
Business Bank account
Any money earned by the company belongs to the company until the point it is paid to you as income, this makes it essential that you open a business current account in the name of your company. We work with a number of banks and can help you get this set up quickly and possibly on the same day if necessary.
In many cases you will need to consider whether you need, or are indeed required, to take out any business insurance. We would recommend reviewing your contract as many clients may have a mandatory requirement for professional indemnity insurance and most will insist on cover for employers’ liability insurance and public liability insurance. We can put you in touch with an approved insurance provider who can advise you regarding the types and levels of insurance cover that you may need.