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Business start up checklist


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Business start up checklist

These are the comprehensive steps that are gone through when incorporating a new company. Its a long list but most advisers talk you through the process and answer your questions as you go…

Company Incorporation: Forming a new company for you to trade through

Steps Involved

  • Select company name and check availability
  • Check internet domain availability for email and web-site address
  • Check internet domain availability for email and web-site address
  • Decide on where you want the Registered Office to be for oficial post
  • Decide on director (or directors) and obtain personal information
  • What do you need to provide to the agent ?
  • First name
  • Middle name
  • Surname
  • Previous surname in the last 3 years
  • Date of birth
  • Occupation
  • Nationality
  • Also obtain National Insurance number
  • Service address
  • Usual residential address
  • Decide on who the shareholders are to be 4
  • Decide on the share structure if more than one shareholder
  • If you require a share structure, changes will be necessary to the Articles of association
  • Allot shares and issue share certificates
  • Enter any changes into the ” statutory books” of the company
  • First name
  • Last name
  • Address
  • Choose the date of your business year end ( normally 12 months from the date of incorporation)

 

Appointing an adviser (normally an accountant)

  • Provide proof of identity and home address for Money laundering rules ( Usu. done online by adviser ) Complete “Agent authorisations”, so the Taxman will talk with your adviser, on your affairs
  • Agree the commercial terms and payment method ( often Direct debit) with your adviser
  • Confirm how you will maintain business records of your company and your personal tax
  • Determine the invoicing requirements to your agency or client

 

  • Open a business bank account to meet your needs
  • Provide Money laundering paperwork for the Bank
  • Open a Business Current account
  • Open a business Tax savings account
  • Request a Debit card to make claiming expenses easier
  • Register for VAT-complete registration application Request
  • VAT return periods to coincide with your business year end
  • Online access registration
  • Direct Debit registration with the VAT office
  • Apply for Flat Rate Scheme (FRS) VAT- simple and suits most contractors
  • Confirm the nature of your work , which determines the relevant Flat Rate percentage that applies

 

  • PAYE scheme set up to deal with your wages
  • Online access registration
  • Online filing authorisation
  • Determine your expenses policy for business and personal costs
  • Apply for dispensation on what has to be recorded on the application
  • Set up salaries for working directors and employees
  • Obtain information relevant to Real Time Information reporting (RTI) submissions

 

  • Establish the new business with Companies House
  • Online filing request code
  • PROOF registration

 

  • Business stationery
  • Consider logo or business style
  • Produce letterhead and invoice template
  • Display:
  • Company name Trading name if different
  • Trading address
  • Registered office address
  • Company number and Country of Incorporation
  • VAT Number
  • Consider other regulatory (professional body disclosures)
  • Consider logo or business style
  • Produce letterhead and invoice template

 

  • Online identity: Some contractors do more than others. Recommended but not always compulsory
  • Register the chosen domain name
  • Set up business email
  • Set up basic web site
  • Set up business internet connections (transfer private line)

 

  • Consider any necessary subscriptions or memberships
  • Register with PCG
  • Consider Data Protection
  • Corporate professional subscriptions

 

  • Consider business Insurances
  • Consider Professional Indemnity insurance
  • Consider employer and public liability insurance
  • List business assets and consider business asset insurance
  • Consider Permanent Health Insurance for key worker
  • Consider Life Cover for key worker

 

  • Get a preliminary assessment of your IR35 status and risks

 

  • Documents to ensure the business declares and pays dividends correctly
  • Template of relevant board minutes
  • Template dividend voucher
  • Mobile telephone
  • Transfer account to business, or open new account
  • Documents required by your Agency
  • Copy certificate of incorporation
  • VAT Certificate
  • Confirmation of bank details
  • PCG or similar draft contract terms
  • Consider your preferred Agency Regulations Opt Out policy