You have a great product or service, a robust business plan, and you are ready to start trading, but what comes next? At Melanie Curtis Accountants, we can give you advice on the best business structure for you. If you’re headed down the limited company route, we can handle all the necessary admin and help you understand your new responsibilities as a director.
At Melanie Curtis Accountants, we’ll guide you through the company formation process
Forming a limited company is exciting, but it comes with more financial and administrative responsibility. At Melanie Curtis Accountants, we offer company formation services to save you time and stress so that you can focus on the big launch.
Using an accountant for company formation is the quickest and easiest way to incorporate a UK limited company. Not only will we ensure your company is correctly set up from day one, but we’ll also ensure you understand your new tax position and reporting obligations.
Allow us to register your company and start your new venture with confidence. Contact us today to arrange a consultation.
What is the company formation process?
When setting up a company, there are a few important decisions to make and tasks to fulfil. Our team can take on the process to save you time and ensure your company is fully compliant with Companies House and HMRC.
1. Choose which type of company structure
There are various options when setting up a limited company:
- Private company limited by shares
- Private company limited by guarantee
- Limited liability partnership (LLP)
Most new business owners opt for a business structure limited by shares, but speak to us to get advice on the best structure for your venture.
2. Choose a company name
Your business name must be unique and cannot be the same as an existing UK company or trademark. You can check the availability of a proposed name here.
3. Appoint company directors
Every limited company in the UK must be formed with at least one director and a named Person with Significant Control (PSC). This can be one and the same person.
Although it’s not a legal requirement, you may also appoint a company secretary. Their role is to ensure the company complies with legal, regulatory, and corporate governance requirements. If you don’t appoint one, the director(s) must take on the responsibility.
4. Allocate shares and shareholders
You’ll need to decide how many shareholders your company will have. Each shareholder owns a portion of the company based on how many shares they hold, which can affect control and profit distribution. Getting this right from the start helps avoid disputes and ensures transparency.
5. Open a business bank account
A business bank account is essential when setting up a limited company, as you will be required to keep your personal and business finances separate.
6. Prepare a memorandum of association and articles of association
To set up your company, you’ll need two key company documents:
- The memorandum of association confirms the intention to form the company.
- The articles of association set out how the company will be run.
7. Supply a registered office address
Every limited company requires a registered office address (also referred to as a service address). Your registered address will be used for all official documentation. The company’s registered address doesn’t have to be the same as your home or business address. We can provide a registered office service if required, to protect your information from being made public.
8. Check what records you need to keep
When running your company, you’ll be required to keep accurate records such as:
- Company details including information about directors, shareholders, shareholder votes and resolutions.
- Promises the company makes to repay loans or for payments if something goes wrong.
- Share transactions.
- Loans and mortgages secured against company assets.
We can advise you on the records you need to keep and when to notify Companies House of changes.
9. Register the company with Companies House
The final step in the company registration process is to submit all the information to Companies House. To do this, you must submit the necessary forms for your private limited company and pay the Companies House filing fee.
10. Register with HMRC for tax
Once your company is set up, you must register with HMRC for corporation tax within three months of trading. Depending on your turnover, you may also need to register for VAT and set up PAYE if you’re employing staff.
How long does it take to form a company?
The process online can typically take less than 24 hours, depending on Companies House workload. Postal applications can take 8-10 days. Our company formation packages help ensure a speedy turnaround.
How we handle company formations
Here at Melanie Curtis Accountants, we make the formation process as simple and hassle-free as possible. Whether you’re a first-time business owner or have owned and run companies before, our team are here to provide support and advice.
Providing us with the information we need is fast and simple. We’ll ask you all the right questions to ensure that the process is swift and accurate. You can leave the rest to us. Your new company can be set up and trading in a matter of hours.
Business structure consultation
Choosing the right business structure can be daunting, but we can help you understand your options and the pros and cons.
If you are just starting out, you have two main options – you can register with HMRC as a sole trader in minutes and start trading immediately. From there, you must submit self-assessment income tax returns each year, and you can keep all the profits you earn after tax. It’s simple, straightforward and ideal if it’s your first time as a business owner.
Then there is the limited company route. A big benefit of incorporating your business is limited liability – this means that your personal assets are protected if the business runs into financial issues, unlike a sole trader who has full liability. Limited companies also potentially save on tax, as the rate of corporation tax is lower than the higher rate of income tax, meaning the business will keep more of its profits. So if you’re a high-earning sole trader, it might be time to make the leap.
Don’t worry if this sounds complex – we’ve got you covered. Our business structure consultation will help you decide which structure is right for you based on your business and personal goals.
Company registration
Once you’ve decided on the right business structure, we can take care of the registration process, as described above. We’ll guide you on the decisions you need to make and your new regulatory requirements and tax obligations.
Ongoing support and compliance
If you decide to become a regular client with Melanie Curtis Accountants, we can support you with a wide range of accounting services. We provide core accounting services such as bookkeeping, payroll and corporation tax, and fully outsourced finance departments. For established businesses, we offer more strategic business planning services to support growth and profitability.
Companies House admin
As a company director, you’re legally responsible for keeping your company records up to date and filing key documents with Companies House – like annual confirmation statements, changes to directors or shareholders, and updates to your company’s registered office address.
Staying on top of these tasks is vital to avoid fines or even being struck off the register. Our company secretarial services take the pressure off by handling these filings for you, ensuring your company stays compliant while you focus on running the business.
For company formations, choose Melanie Curtis
Are you looking for an accountant who can not only act as your company formation agent to register your new company but also support you throughout your business journey?
Then look no further – at Melanie Curtis Accountants, we’re here to take the hassle out of company incorporation and help you get started with confidence. From registration to growth, we’re here to support you on every stage of your business journey.
Register a company and get started today. Call us on 0118 944 3720 or book a discovery call to discuss your needs.
