Registering a company in the UK involves several steps. Here's a general guide on how to do it:
Choose a Company Name: Ensure the name you select isn't already in use and complies with UK regulations. You can check the availability of your chosen name on the Companies House website.
Decide on Company Structure: Determine whether you want to register a limited company, a partnership, or a sole trader. Most small businesses choose to register as a private limited company (Ltd).
Registered Office Address: You'll need to provide a registered office address for your company. This address will be publicly available and is where official communications will be sent.
Appoint Directors and Shareholders: If you're setting up a limited company, you'll need at least one director and one shareholder. Directors are responsible for managing the company's affairs, while shareholders own the company.
Memorandum and Articles of Association: Prepare a memorandum of association, which outlines the company's constitution, and articles of association, which set out the rules for running the company.
Register with Companies House: You can register your company online via the Companies House website or by post. You'll need to provide details such as company name, registered office address, director(s) and shareholder(s) information, and details of people with significant control (PSC) over the company.
Pay the Registration Fee: There is a fee to register a company in the UK. The fee varies depending on how you choose to register (online or by post) and the type of company you're registering.
Get a Corporation Tax Unique Taxpayer Reference (UTR): After registering your company, you'll receive a confirmation email or letter from Companies House. You'll need this to apply for a UTR from HM Revenue & Customs (HMRC).
Register for VAT (if applicable): Depending on your turnover, you may need to register for Value Added Tax (VAT). You can do this online through the HMRC website.
Set up PAYE (Pay As You Earn) Scheme (if you have employees): If you're employing staff, you'll need to set up a PAYE scheme to pay their taxes and National Insurance contributions.
Keep Records: Make sure to keep accurate records of your company's finances, including income, expenses, and any transactions.
File Annual Accounts and Confirmation Statement: You'll need to file annual accounts and a confirmation statement with Companies House each year. Failure to do so can result in penalties.
If you're unsure about any aspect of the registration process or your legal obligations as a company director, get in touch with us and we can help. We can even take over the whole process to save you the hassle! email us info@strengthinnumbers.co.uk