Over recent months we have had an influx of new clients who have formed their own limited company without taking professional advice. This can lead to numerous issues and missed planning opportunities.
Once your new company is registered at Companies House it is imperative you open a bank account in the name of the company. The company is a legal entity in its own right and you should ensure all bank accounts are kept separate from your own personal accounts.
You must register your company for corporation tax with HMRC as soon as your company becomes active.
Are you being paid a salary from your company? If yes, you will need to open a PAYE scheme and submit your payroll details to HMRC each month.
These are just a few of the basics that must be addressed as soon as your company starts to trade. If you have recently formed your own limited company then congratulations on starting your own business but please see an accountant who will be able to advise you further.