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Setting up:
Setting up a company

Before your business can begin operating as a limited company, it has to be registered with the Registrar of Companies. There are two ways of getting a limited company, either forming it yourself or buying an "off the shelf" company.

You will need to appoint the officers of the company. Private companies must have at least one director and a company secretary. If there is only one director, this must be stated in the company's Articles of Association and this director cannot also be the company secretary. Public Limited Companies must have at least two directors and a company secretary. The company secretary of a PLC must be formally qualified.

When you register a new company, the Registrar of Companies will pass on its details to HM Revenue & Customs (HMRC). HMRC will then issue a Form CT41G which you should complete to provide certain basic information. If the company does not receive the Form CT41G, then you need to request one. If the company has any taxable income or profits and it has not notified HMRC within 12 months from the end of the company's accounting period, then it may be charged a penalty. The company also has a duty to notify the HMRC when it commences to trade. The notification can be on the Form CT41G but it needs to be made within three months after the company commenced to trade, or you may be charged a penalty.

There are many decisions that need to be made when you set the company up, and you may want to discuss the issues with us.

If the company has any employees, it will need to register for a PAYE scheme.

The company must also register for VAT if its sales are sufficiently high or if it wants to register voluntarily.


For more information on tax matters, see the following sections

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