Considering working as an Interim? Use our Limited Company Start-Up Checklist!
What you must do:
- Choose a unique company name
- Choose a Director (you, if it’s just your company - and make sure you understand your duties) and a second person as Company Secretary.
- Use an online Company to set your Company and register at Companies House (just Google “start up a new Limited Company”, don’t go for the cheapest. Tell the online Company what type of work you will be undertaking to ensure that it is fully covered in the memorandum and articles of association.
- Set up a business bank account for the Company (preferable to use the same bank as you use for your current account as you will be known to them).
- Take out insurances (public liability and employer’s liability, together with professional indemnity up to £250k) these come as a total package which should cost about £450 pa.
- Tell HMRC you will be liable for Corporation Tax and PAYE for employees (yourself). You can do this online
- Apply to HMRC for VAT registration (online). Use the flat rate scheme as it will be financially beneficial to you and less complex to operate.
- Design yourself a Company letterhead on printed paper, making sure it includes your company registration number, address and a VAT number if applicable.
Ongoing once you get started:
- Submit your annual accounts and annual return each year to Companies House
- Pay a dividend to shareholders (i.e. you).
- Pay tax and NI for any employees (including yourself - and you must comply with minimum wage legislation, even for yourself).
- Employ an accountant - you can do it yourself, but with Corporation tax it’s far simpler to use an accountant.
Are you an Accounting or Finance Professional looking for an Interim role in the South?