Company, Secretarial and HMRC Registration

You decided to incorporate as is it more tax-efficient to do so but, you don't know where to start?

What do I need to consider?

1. Choose a name
   • First, you need to choose the company name. This can be different from the trading name, but you will need to make sure that the company name you chose isn't already used and is not illegal. You can check the availability of your company name at: https://find-and-update.company-information.service.gov.uk/
2. Company structure.
   • As a startup, you will need to ensure that you company is properly structured on incorporation as this may be critical. Why? Because it can avoid disputes and protect the corporation (and the founders) and its assets if they do come up. Also, this is the critical point where you need to position the business in a way that it attracts investors and strategic partners and, ultimately, achieve a successful and profitable exit (by acquisition or otherwise) if that is the ultimate goal. Doing it right means thinking and planning ahead and we have the right expertise for it.
3. Open a bank account
   • The limited company is a separate legal entity in its own right and is separate from those who own it in the eyes of the law. This means the business will need to have a separate business bank account.
   • We have partnered with Starling Bank Account and can provide you with a referral link to start your application. This is a pretty straightforward process and we can help you through the steps. Also, if you have any issues, we can discuss them with our Client Manager, saving you time.

How long does it take?

From the point where a new company is submitted to Companies House, it normally takes between 3 and 5 hours for the company to be officially formed.

Do I need to register with HMRC?

Once you incorporated a business, you have three months to register for Corporation Tax.

How about PAYE or VAT?

If you reach the VAT threshold (£85,000) then yes registration is required. However, if you are in the early stages of the business, when turnover is low, you have the option of holding off on registration until you’re truly ready. You don’t need to register immediately unless it’s actually beneficial for the business.

PAYE (Pay as You Earn) is HMRC's system to collect Income Tax and National Insurance from employment. You do not need to register for PAYE if none of your employees are paid £120 or more a week, get expenses and benefits, have another job or get a pension.

However, it might be beneficial for you to do so if you are planning to withdraw money out of your company in a tax-efficient way.

How can we help?

We can take over from here and deal with all company secretarial work plus all the registrations required.

This service includes:

• Registering your company on Companies House
• Provide the Certificate of incorporation and shares certificate
• Writing up and maintaining the Company Register and the Share Register
• Prepare the Annual Return and all statutory forms for filing at Companies House, for example, appointment and resignation of company directors
• Register you as an employer with HMRC and dealing with all PAYE matters
• Register you for VAT with HMRC and submitting your VAT returns