Introduction to a Limited Company in the UK

  • 2 years ago

Looking to start a limited company in the UK, it can be a good idea to manage your tax, and it's straightforward to do. Let us guide you in a few steps. Stay with us and continue reading:

Limited Registration Company

When you are going to set up a limited company, you can register it with Companies House. This process is called "incorporation," and you like to know what is a company called, director`s name, address of the business. If you want to protect your company's privacy, you can register it as a Central London location in the address.

It would help if you found a name that has not registered before the name of your location. Like where you want to start your business like Central London business services etc.

An article of association is also a memorandum that needs to submit because it's the documents which are signed legal statements from shareholder or direction of the company, which guides how this company runs.

Unique Tax Reference

If you like to register your company for corporation tax, you need to have your Company register for taxpayer reference. In 15 days, you receive company registration from Companies House. Then you can go for registration under the HMRC website.

If you have annual turnover goes above 80 thousand pounds, you are also eligible to register to VAT, and there is also option to get register online through the website of HMRC

Business Bank Account Setup

You also need a bank account when you are setting up your Limited Company in the UK.  So, try to go to some banks and see which one is offering the best services for your company. Many banks offer different types of business perks.

  • There is also a free banking period from different banks so you can avail of this.
  • Do note how much you have to pay if you don't have an intro free period.
  • Also, note how much banks are charging when this free period ends like for this, such as cheque, etc.
  • You must hire any business adviser to have a broad idea of every bank which is fit for you.

In the Case of Company Registration Rejection?

If you face company rejection in registration from Companies House. There must be a little problem that is easy to fix or can fix quickly, and both are not a big deal at all.

When you are going to register a company by any agent, you will notice by the information that is wrong or missing. You should rectify that error and resubmit it through an online application on the same day without any charges. This medium is another option from one of the many benefits you get from an agent. If you take Companies House services, it takes so much time to get a notification in any flaw in the information you provide.

Stay Careful, Avoid Rejection Simply

Every error can easily prevent if you fill everything carefully. Do know which name is available for your company to have it register in the concerned department.

In many cases, errors can rectify in a few minutes. Further documents sent to Companies House without charges; if everything goes well, your company goes live in 4-8 working hours.

Essential Documents for Company Registration

There are two options to register your company by agent or Companies House. If you choose an agent, you do not need to provide anything physically or submit any paperwork. Many online corporation services can do it for you on your behave.

You have to provide IN001, which is very extensive and submits it by mail or online. By choosing to establish a company with the help of an agent, a simple online form needs to fill.  Articles of Association, this document sets up the rules for how your company works its responsibilities. The name of members and directors, company rights, how to share can be issued, or what should do is written in it. 

Documents for Sensitive Words in the Name of the Company

When there is a sensitive word, the Article of Association is required. It should approve by Companies house or any other body. This document is attached to an online application in email.

Notifying HMRC

When the new company set up, HMRC will inform from Companies House. A letter from HMRC posts at your office at given address. This letter has a unique taxpayer number, and this letter also tells you when you are authorized to start trading.

When you are trading, your company is term as "Active" for the corporation of tax. It would be best if you told HMRC, which is active in three months before conducting any business activity. Your records get update from HMRC. You get information from HMRC when you need to have a tax return and to pay corporation tax. If your company is dormant, you should tell HMRC in this regard.

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