Essential Steps: What to Do After Forming a Company

So, you’ve just formed your limited company in the UK. Congratulations.

This is a big step for any entrepreneur, but what should you do after forming a company? The initial excitement of getting your business registered can quickly fade when you realise there’s still a lot to do.

This is where having a solid plan is key. The first 30 days after forming your Ltd company are crucial. This period sets the stage for your future success. In this post-registration checklist, we’ll analyse the topic ‘what to do after forming a company’ in detail. Let’s dive in.

Essential steps: Your first 30 Days as a limited company

A Limited Company is legally a separate entity from you. Because this is the case, you’ll want to take care of some fundamentals quickly. Think of these first 30 days as laying a solid foundation for your business.

1. Open a business bank account

While not strictly legally required, opening a business bank account is highly recommended. This separates your personal finances from company finances. This is essential for accurate bookkeeping and it also projects a more professional image to clients and suppliers.

Some popular banking partners include:

• Barclays
• Anna
• Cashplus

2. Inform HMRC

Once your company is registered with Companies House, they will notify HMRC. You have a legal obligation to inform HMRC that you are in business. This ensures that you can be set up to pay the correct corporation tax.

If you expect your company’s taxable turnover to exceed £90,000 within the next 30 days, you also need to register for VAT.

We’ve created a complete guide to VAT registration here.

3. Decide if you need to appoint a company secretary

In the UK, a company secretary isn’t mandatory for private limited companies. However, if your business structure is complex or if you simply prefer to delegate administrative tasks, consider appointing one. A company secretary handles statutory filings, sends annual documents, and ensures you meet all your legal obligations.

4. Choose an accounting reference date

Your Accounting Reference Date (ARD) marks the end of your financial year. While you can adopt the anniversary of your company formation, you have the flexibility to choose a date that aligns with your business cycles. This date is important for when your annual accounts and tax returns are due. Consider factors such as seasonal trends in your industry.

If you’d like to change your ARD for any reason, you can do so by filing form AA01 with Companies House.

Understanding your ongoing responsibilities

Now that we’ve covered some immediate actions in the first 30 days, let’s look at the ongoing tasks you need to stay on top of.

Maintaining statutory records: What to do after forming a company

Keeping accurate company records is a legal requirement in the UK. These records paint a picture of your company’s financial health and share structure.

This is not an exhaustive list. You are required by the Companies Act 2006 to keep these records accurate and updated.

Register your company through an affordable professional service:

At Ltd Companies, we provide affordable and hassle-free company formation and compliance services tailored to your needs. Customers are fully supported by a UK-based team who are available on the phone or by email, and offer friendly, expert guidance throughout.

With over 450,000 SMEs successfully assisted, our expertise ensures your limited company is set up correctly and complies with all legal requirements.

You can also avail related services such as registered office address, confirmation statement, company secretary, VAT registration, director privacy and more!.

Secure a registered office address for your company at a nominal fee

You can secure a prestigious London Regent Street address as your registered office address for just £44.95 + VAT/year. Brought to you by Ltd companies, this service is ideal for businesses looking to enhance their professional image while keeping their personal address private and off the public register.

Perfect for both local and international business owners, our registered office address service provides an immediate and prestigious solution for your business needs.

Make a strong impression and ensure compliance without any hassle.

Filing annual requirements: A vital part of what to do after forming a company

UK law requires you to submit certain documents annually to stay compliant.

• Confirmation statement: The confirmation statement (CS01 form) is a snapshot of key company information that must be filed with Companies House every year. It confirms your company details are up-to-date.
• Annual accounts: You must prepare and submit annual accounts to Companies House. Your first accounts are due 21 months after incorporation and then every 12 months after that.
• Company tax return: As a limited company, you must register for Corporation Tax. Then, annually, you must file a Company Tax Return with HMRC and pay any Corporation Tax owed on your company’s profits. If your company will remain dormant, you still need to notify HMRC. You can find a list of exemptions on the HMRC website. Additionally, each director and shareholder will likely be required to register for Self Assessment to report and pay tax owed on their untaxed income.

Meeting minutes and resolutions

When making major decisions, such as issuing more shares or changing the company name, it’s crucial to document them properly.

• Hold board meetings and keep detailed minutes.
• Pass resolutions (written decisions), particularly for significant actions.

These records demonstrate good corporate governance and protect your interests in the event of any disputes. If you hold a first board meeting, section 248 of the Companies Act 2006 requires that minutes of all proceedings at the meeting, and all future board meetings, are recorded and kept for at least 10 years. You will also want to display company details and registration numbers on your company stationery.

Making changes to your company

Businesses evolve. As they do, there are bound to be changes you’ll need to make down the line. When that time comes, here’s what to do after forming a company when you need to report these changes to Companies House. You can also avail legal services as per your requirements.

Changing company details

Keep track of company records and report any changes. Examples of things you must report to Companies House include:

• Registered office address: You must notify Companies House within 14 days if your registered office address changes.
  
  
• Director details: Inform Companies House of any changes to director details, such as a change of name or address.
  
  
• Share structure: You must also update company details with Companies House if you issue more shares or if there are any changes in shareholding.
  
  
• Company name: Changing a company name requires careful consideration and adherence to UK company law. You can use the Companies House online service to file changes of name by special resolution only. It costs £20 to file or £83 for the same-day service.
  
  If you’re changing your name by special resolution then you should download and fill in Form NM01. If you’re changing your name with permission from the articles of association then you should download and fill in Form NM04.

For most of these changes, you can inform Companies House online through their dedicated online service. You can check their website for fees related to specific changes.

Conclusion

Understanding what to do after forming a company is critical to ensuring your business complies with UK regulations. Once you receive your company registration number, make sure all your company formation documents are properly filed. This will not only keep your limited company on track legally but also provide the foundation for smooth day-to-day operations.

In addition to proper documentation, maintaining detailed accounting records is essential from the start. Whether you’re preparing to pay corporation tax or need to track expenses as you start trading, having an organized system in place is key. You may also want to seek legal services to help you navigate these processes and ensure full compliance.

By taking these steps, your business can operate smoothly and focus on growth. Proper company registration, clear financial tracking, and compliance with tax obligations all play a part in building a strong foundation for success.