New Company Checklist

reader
reader Registered Posts: 1,037 Beyond epic contributor πŸ§™β€β™‚οΈ
I have just incorporated using the Companies House website, I was wondeirng if someone could take a look at my checklist and suggest improvements:

1) Complete form CT41G
2) Register with HMRC re: Income Tax Return as I'm now a director
3) Open limited company bank account
4) Domain name registration
5) (I'm not going to VAT register; I'd be stunned if my turnover ever exceeded Β£77,000)
6) (I'm not going to setup a PAYE scheme as I'm currently employed)
6) (No need for 64-8 as I'm the director-shareholder)
7) Get security code and authentication code from Companies House

The above is just things I can think of off the top of my head, I'll probably come back and add more to it later on.

Comments

  • imeldabye
    imeldabye Registered Posts: 147 Dedicated contributor πŸ¦‰
    If the company is going to pay you- the director- a salary - then you have to set up a paye scheme and register as a new employer. or have I misunderstood? :001_smile:
  • reader
    reader Registered Posts: 1,037 Beyond epic contributor πŸ§™β€β™‚οΈ
    I'm also the shareholder of the company so I intend to prepare management accounts and take interim dividends if profits allow.
  • Dcollins
    Dcollins Registered Posts: 179 Dedicated contributor πŸ¦‰
    Don't know if you've been trading as unincorporated or this is a completely new company, but you may also need to:

    Inform insurers,
    Inform clients and possibly suppliers,
    Issue new engagement letters to clients in new company name,
    Register for online filing with HMRC (CT and SATR),
    Register new company with ICO
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor πŸ§™β€β™‚οΈ
    I wouldn't do option 2 unless I had some other reason to. There is no obligation for directors to get themselves into the Self Assessment system.
  • reader
    reader Registered Posts: 1,037 Beyond epic contributor πŸ§™β€β™‚οΈ
    I wouldn't do option 2 unless I had some other reason to. There is no obligation for directors to get themselves into the Self Assessment system.

    Although Form SA1, under section: "Why do you need to complete a tax return?", does give "I became a company director" as one of the options.
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor πŸ§™β€β™‚οΈ
    I agree HMRC will often want you to do things you have no obligation to do.
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