Company Incorporation: Forming a new company for you to trade through
Steps Involved- Select company name and check availability
- Check internet domain availability for email and web-site address
- Check internet domain availability for email and web-site address
- Decide on where you want the Registered Office to be for oficial post
- Decide on director (or directors) and obtain personal information
- What do you need to provide to the agent ?
- First name
- Middle name
- Surname
- Previous surname in the last 3 years
- Date of birth
- Occupation
- Nationality
- Also obtain National Insurance number
- Service address
- Usual residential address
- Decide on who the shareholders are to be 4
- Decide on the share structure if more than one shareholder
- If you require a share structure, changes will be necessary to the Articles of association
- Allot shares and issue share certificates
- Enter any changes into the ” statutory books” of the company
- First name
- Last name
- Address
- Choose the date of your business year end ( normally 12 months from the date of incorporation)
Appointing an adviser (normally an accountant)
- Provide proof of identity and home address for Money laundering rules ( Usu. done online by adviser ) Complete “Agent authorisations”, so the Taxman will talk with your adviser, on your affairs
- Agree the commercial terms and payment method ( often Direct debit) with your adviser
- Confirm how you will maintain business records of your company and your personal tax
- Determine the invoicing requirements to your agency or client
- Open a business bank account to meet your needs
- Provide Money laundering paperwork for the Bank
- Open a Business Current account
- Open a business Tax savings account
- Request a Debit card to make claiming expenses easier
- Register for VAT-complete registration application Request
- VAT return periods to coincide with your business year end
- Online access registration
- Direct Debit registration with the VAT office
- Apply for Flat Rate Scheme (FRS) VAT- simple and suits most contractors
- Confirm the nature of your work , which determines the relevant Flat Rate percentage that applies
- PAYE scheme set up to deal with your wages
- Online access registration
- Online filing authorisation
- Determine your expenses policy for business and personal costs
- Apply for dispensation on what has to be recorded on the application
- Set up salaries for working directors and employees
- Obtain information relevant to Real Time Information reporting (RTI) submissions
- Establish the new business with Companies House
- Online filing request code
- PROOF registration
- Business stationery
- Consider logo or business style
- Produce letterhead and invoice template
- Display:
- Company name Trading name if different
- Trading address
- Registered office address
- Company number and Country of Incorporation
- VAT Number
- Consider other regulatory (professional body disclosures)
- Consider logo or business style
- Produce letterhead and invoice template
- Online identity: Some contractors do more than others. Recommended but not always compulsory
- Register the chosen domain name
- Set up business email
- Set up basic web site
- Set up business internet connections (transfer private line)
- Consider any necessary subscriptions or memberships
- Register with PCG
- Consider Data Protection
- Corporate professional subscriptions
- Consider business Insurances
- Consider Professional Indemnity insurance
- Consider employer and public liability insurance
- List business assets and consider business asset insurance
- Consider Permanent Health Insurance for key worker
- Consider Life Cover for key worker
- Get a preliminary assessment of your IR35 status and risks
- Documents to ensure the business declares and pays dividends correctly
- Template of relevant board minutes
- Template dividend voucher
- Mobile telephone
- Transfer account to business, or open new account
- Documents required by your Agency
- Copy certificate of incorporation
- VAT Certificate
- Confirmation of bank details
- PCG or similar draft contract terms
- Consider your preferred Agency Regulations Opt Out policy