how to set up a fully funsiotning uk limited company
Register your company
Register your company
Firstly, you need to have an hour roughly with internet and email access. You need to think of a company name, check its not registered already. You then need to be sure of the share structure you want, decide what will be a correspondence address and what will be your registered/trading addresses, what information to display on companies house. Then you need to pay £50 to CH. If there are any issues with the process it can be 3-5 days to get a reply and you could end up with an application rejected for something as small as an address that doesn't quite match their online checker!
Set up WebFilling
Register your company
Once you're set up and the company is registered, you need to wait for your online access code to set up CH and HMRC web filing (online filing) systems. This can take another 10-15 working days to arrive. Once you're all set up there you can start looking online for suitable company bank accounts. Bear in mind you'll need ID for these, some will be online and others in branch. Some require a call back to take place and the process can take a few days to organise. Then you need to wait for your account approval, log in details, etc
Digital Tax software
Digital Tax software
It is a requirement now for a company to use Making Tax Digital (MTD) compliant software. so, once you've set up your web-filing and bank account, you need to find a suitable software provider and link this to your account. Sometimes this will require an additional wait while the software is connected to your online accounts
VAT registration
Continuing foward
Digital Tax software
This is mandatory for any UK business with a turnover exceeding £90k (as of Jan 2025). Remember, it is turnover, not profits. And if you are in the motor trade there are additional VAT implications as you are taxed VAT on your gross vehicle margin (car dealers also require different software to account for this as most general ones wont be able to). You can however apply to be VAT registered even with turnover below £90k. you may want to be an exporter and there are tax benefits there. It may be that you've got high initial set up costs and will have a slow growing business, so VAT registration would allow you to claim back against your initial outlays, and you're also ready to go when the business takes off
VAT submission
Continuing foward
Continuing foward
This requires you to ensure all receipts, transactions, sales and invoices are uploaded correctly and stored as required. you then complete an online submission and will either receive a VAT rebate or have a bill to pay. Either way we are in a position to assist you during the first 12 months, please feel free to get in touch
Continuing foward
Continuing foward
Continuing foward
Once you've got your business up and running, and hopefully profitable, it will be time to look at accounts. We can store all your paperwork for you and, at the end of our 12 month period provide all paperwork we hold on your behalf. We will operate as a registered office for you during the first 12 months to minimise your paperwork then at the end of the 12 months you can decide how best for you to proceed. It may be that your venture didn't turn out as planned, don't worry, many businesses don't survive this first year, its normal, but dont be put off trying again! We can guide you through a transition of closing your business or handing over the reigns to yourself or a nominated accountant
So what can we do to help?
Level 1
Straight forward and simple. Limited company registration with one of our pre-existing names. Free online store set up (monthly fees apply for usage). Basic domain name registration with 'coming soon' page (option to add design / management elements for a monthly fee). Banking recommendation, usually can have you set up within a few hours. Call or message us to discuss this package, prices start from £149 inc VAT
Level 2
As above with level 1 but also including VAT registration, first VAT submission completed for you, basic domain name registration and 1 month free website design / management (monthly fee applies form month 2 if continued). Online store set up and first 6 months fees included (payable thereafter). Call or message to discuss this package, prices start from £499 inc VAT
Level 3 - most popular
This basically gives you everything you need for your first 12 months of business. Limited Company name from our pre-registered list, VAT registration (already done so good to go from day 1). Online e commerce store set up with 12 months fees included, you manage your own product loading, customers, etc. Basic website domain name plus 12 months website design / management. A years VAT submissions completed on your behalf using MTD software (quarterly only, not annual). Recommendation to our quick set up business banking partners. Call or message for more details, this comes in at just £995 inc VAT (where else can you even get 4 VAT submissions completed for this price!)