You need to get your limited company incorporated. You can do this through BeanBalance for a small fee of £13.50. BeanBalance will tell you if your chosen business name is available once you have entered it. If the name is available then you just click on continue and fill in all the required information.

10 things you need to do when opening a limited company

  1. You need to get your limited company incorporated. You can do this through BeanBalance for a small fee of £13.50. BeanBalance will tell you if your chosen business name is available once you have entered it. If the name is available then you just click on continue and fill in all the required information. Once completed, this will be submitted to Companies House directly. Your new limited company should be incorporated within 1 to 6 working hours (depending on how busy they are at Companies House).
  2. You will need to open a business bank account for your limited company as soon as you receive the incorporation documents from BeanBalance. You will need to call your local branch and make an appointment with them to open a business bank account. Usually the bank will tell you all the information that you will need to bring along.
  3. Once your business bank account is open you are ready to trade. You can raise invoices, receive money and pay for expenses. This is where BeanBalance really makes things easy for you. On BeanBalance you can upload your bank transactions, allocate them to different categories and then view your profit and loss report with the click of a button.
  4. It is very important to take out the necessary business insurance. This is one of the first things most business owners get once their business bank account is open. Have a look at this link for some very competitive insurance quotes: http://beanbalance.qdosconsulting.com
  5. It is also very important to try and establish early on if you need to register your company for VAT or not. Make sure you consider voluntary registration in cases where you can take advantage of the Flat Rate Scheme for VAT.
  6. Always make sure you keep proper records of all your business transactions. If you raise invoices for clients on BeanBalance then you don’t need to keep copies of those, because they will automatically be saved on BeanBalance. Copies of receipts and invoices for expenses have to be kept for at least 6 years.
  7. Make sure you register your company for PAYE if required. You can have a look at our blog post about when to register your business for PAYE. Most directors will want to register their business for PAYE as they want to pay themselves as tax effectively as possible, which means paying themselves a small salary and the rest as dividends. Also, being registered for PAYE will allow you to earn the required salary for state pension entitlement.
  8. Always make sure you are on top of the amount of corporation tax you need to leave in your business. BeanBalance calculates the estimated amount of corporation tax due per accounting/tax year - you can see this towards the bottom of the profit and loss account.
  9. Always make sure you comply with all the statutory filing obligations. When you are the director of a limited company then it is your responsibility to ensure all legally required documents are filed on time. To make your life easier we have created a timeline on BeanBalance that will show you all the tasks and deadlines for your individual company, e.g. showing you all the necessary taxes you need to pay (with reference numbers and help files). By clicking on the work timeline you can set the system to email you reminders before tasks become due.
  10. All successful businesses record their transactions properly, they are always on top of which taxes are due and they make sure that enough money is put aside for VAT, Corporation Tax and PAYE/NI. Make sure you start off on the right foot and be prudent with your admin from day one! 90% of start-up businesses fail in the first year. A lot of these are because of mismanagement and not keeping on top of things, so don’t let your business become a statistic. BeanBalance was created to make this daunting task of managing a business easier for you.
Posted by: BeanBalance
Last revised: 17 Jul, 2013 04:55 PM

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