What Happens Next?
Setting up a limited company online has never been easier. A few clicks, a small fee and congratulations – you’re a company director! But what happens next?
We’re increasingly meeting new clients who have formed their own company, only to discover there are a few important things they weren’t aware of.
For example, your company is a separate legal entity, so you should open a bank account in the company’s name and keep business and personal finances separate.
Once the company starts trading, you’ll also need to make sure it is correctly registered for Corporation Tax with HMRC.
Planning to pay yourself a salary? You may need to register the company as an employer, operate PAYE and report payroll information to HMRC.
And that’s just the beginning!
So, if you’ve recently taken the plunge and started your own company, congratulations. Getting some accountancy advice early on can help you avoid costly mistakes – and make sure you don’t miss valuable tax-planning opportunities.
