Limited Company Formation Checklist

Limited Company Formation Checklist

When creating a limited company you will be required to provide a hefty amount of information to Companies House. Our handy limited company formation checklist will help ensure you have everything you need to make the process easier whether you choose a formation agent or you register directly with Companies House.

Company Details

  • Company Name (must not be the same as an existing Company Name – check your company name now)
  • Company Address (this must be a physical address not a P.O Box)

Officer Details (Directors & Company Secretary)

  • Name
  • Residential Address
  • Service Address (Our premium limited company formation package provides a Registered Office and Service Address for Directors)
  • Personal information such as date of birth and nationality
  • Consent to Act information

Shares

  • Name of each initial shareholder
  • Address of each initial shareholder
  • Number of shares
  • Class of shares
  • Amount paid on each share
  • Value of the shares

 

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Limited Company Set Up Options

Limited Company Set Up Options at The Company Supermarket

When you form a limited company you will need to register it with HMRC for both PAYE and corporation tax. Your limited company has to be registered at Companies House who you will also need to send your annual accounts which will be publicly available for inspection. As a Director of your business you will be responsible for fulfilling these set up and taxation obligations. You also need to inform Companies House of any directorial changes within the business. All this can seem quite daunting if you are new to running a business but don’t worry because our experienced team are on hand to guide you through all the various limited company set up options available to you.

At The Company Supermarket we specialise in Limited Company Formations and as such have a choice of packages from the most basic set up for experienced users who have set up a limited company in the past to all encompassing packages which are ready to trade and include VAT registration¸ a registered office and service address for Directors.

We can offer advice and guidance to ensure you make the right choice when you consider Limited Company Set up Options.

Our limited company set up options are as follows;

Basic Limited Formation Package
For the experienced user who want to set up a limited company on their own.

Recommended Limited Company Formation Package
This is our most popular set up package which provides advice from a qualified accountant regarding the most suitable structure for your company.

Professional Limited Company Formation Package
This set up package is for the ready to trade company and includes everything the recommended package delivers together with hard copies of all the statutory paperwork required.

Premium Limited Company Formation Package
This is our most comprehensive package which gives you the opportunity to start trading hassle free. This is a ready to trade limited company with printed Certificate of Incorporation, share pack, Memorandum & Articles of Association, VAT Application and much more.

If you would like to discuss any of the Limited Company Set Up options above please contact us for any queries you have about your limited company registration.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Companies House

All new businesses in the United Kingdom are registered at Companies House. Over 400, 000 new companies are registered each year and over the years we have incorporated thousands of new businesses with Companies House. The system of Company incorporation in the UK dates back to 1844 when the first UK businesses were officially registered. Nowadays all limited companies must file annual accounts with Companies House each year – these annual accounts are available for public inspection.

You can register a private limited company with Companies House in England and Wales, Scotland or Northern Ireland. Wherever your business is located you will incorporate in that locality and be governed by the laws of that country.

Companies House details are as follows;

Main Office – for England & Wales
Companies House
Crown Way
Cardiff CF14 3UZ

Scotland
Companies House
4th Floor Edinburgh Quay 2
139 Fountainbridge
Edinburgh EH3 9FF

Northern Ireland
Companies House
Second Floor
The Linenhall
32-38 Linenhall Street
Belfast
Northern Ireland BT2 8BG

If you would like to register your limited company with Companies House we are an officially registered formation agent and offer a range of set up packages to suit your needs – find out which Limited Company Formation Package is right for you;

Basic Package

Recommended Package

Professional Package

Premium Package

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Using Google Places For Your Business

Using Google Places For Your Business

Over 85% of searches for a business product or service start with Google so it is important to use this powerful tool to maximise your business opportunities online. One of the most useful FREE tools is Using Google Places for your Business.

google-places

Using Google Places for Business allows your business to be found on Google, Google Maps, Google+ and mobile devices. It allows you to provide important information about your business such as your address, services, contact details and opening hours. It also allows you to understand customer feedback and respond to reviews as the official business owner.

 

If you would like assistance with Google Places for Business and information about how to maximise your business potential using Pay per Click and Search Engine Optimisation have a look at our search engine essentials guide.

You may also be interested in our company formation packages with a variety of options to get your business off the ground.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Naming Your Company

If you are forming a new company one of the first things to do is get started on finding a company name. Finding a suitable company name can be a tricky process –you may be looking for a trendy name or you may want your company name to convey your uniqueness or maybe you want to include your family name in the organisation name. One thing is for sure, the right name can help make your company stand out from the crowd and give your company even more of a chance of success.

Here are a few factors to consider when deciding a company name;

Is Your Name Available

You don’t want customers confusing your business with another business in your local area or field which has a very similar name. Nor do you want a company name similar to another business that has a terrible reputation as you don’t want to be associated or confused with such a company.  Our online company name checker is a free business name search facility which will help you determine whether your name has already been taken.

Is Your Domain Name Available

Most companies have a website nowadays with many trading online or solely based online. However much or little you do on the internet it is worth checking a suitable domain name is available. You may need to get creative with your domain name as just like business names many domain names have already been taken. You can search for a domain name here.

Short Name, Long Name Or Something In-Between

Try not to choose a longwinded name for your company. Try writing it down, saying it out aloud, seeing how it looks as a web address and email address. Is it easy to pronounce and remember? The majority of memorable brands have short names – Apple, Coca Cola, IBM, Google, Microsoft, Intel, BMW to name a few of the World’s leading companies.

Easy To Spell and Pronounce

If you have to spell your company name to people who ask then you may have to consider changing it. If a person can’t understand what your company name is they will struggle to pass on details of your exceptional company to friends and family. Word of mouth marketing is often the most powerful (and free) so you don’t want people unable to pronounce your super cool but super difficult to spell company name.

Think Long Term

Your business may be a maker of Energy Drinks right now and at this time The Really Good Energy Drinks Company sounds like a great name but what happens if you start making Frozen Chips and other products – you don’t want to limit yourself to a name that just suggests you make drinks if you have future plans to diversify into other areas. Also if you use your own name in the company title you may find it harder to sell the business in the future with your name is tied to it. It may also give the impression of being a ‘one man band’. On the other hand, companies such as plumbers, electricians and other trades may find it better to have their name in the title as the name and reputation may carry a lot of weight in the local area as being highly skilled and that word of mouth from satisfied customers may be tied to your name.

Remember our online company name checker is a free company name search facility which will help you determine whether your chosen name has already been taken. It is important to check your company name to ensure it has not already been taken so you do not copy the name of an existing company in your industry. Once you are happy with your name and have chosen a Limited Company have a look at our Limited Company Set up Packages for a range of packages designed to make your company set up easier.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Customer Review

A great big thanks to everyone at Company Supermarket who helped me and my husband register a limited company. My husband is a builder and doesn’t understand all the technical stuff. So when we spoke with Paul from the Company Supermarket he eased all of our concerns.

We were persuaded to go for the Premium Package as we are new to all of this and need someone to hold our hands. As part of the package we seemed to receive lots of stuff.

Since the Company has been registered we have been using Hardy & Co to do our payroll and accounts. So far, the service has been brilliant.

Limited Company Packages

We offer a number of Limited Company Packages for all types of users, from Basic to Premium. We appreciate that everyone has a different budget and also may or may not have set up a company previously.

Our most expensive package is the Premium Package which we should really call the recommended package because it does everything that you could possibly need when you are registering a company. We sometimes find that customers feel that this is not the case. They feel that they don’t need some of the services but when we ask them about who will be doing the tasks for them if we don’t, they tend to change their minds and want to upgrade.

An example of this is when they say that they don’t want to be VAT registered and we advise them of the benefits of being VAT registered to them. VAT registration is only included in the Premium Package or can be added to any of the others as an extra.

The basic package is frequently purchased by customers who have no experience in setting up a Limited Company. We once had a customer who wanted to protect a number of Limited Company names so purchased 10 basic limited company packages. The registration cost was only £10 for each so cost them £100. They later advised us that it cost less for the 10 companies than purchasing the Premium limited company package. When we asked why they wanted the names they said that they wanted to use them as trading names. If they had chosen at least the Recommended Package they would have received the Accountancy advise and we would have told them that they could have just use the names as ‘trading as’.

To rectify this problem the customer applied to strike off nine of the companies at an additional £90……..

Once you have read the above we hope you will be of a similar mind to us and choose the package that we recommend i.e. The Premium Package….

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Registering a UK Limited Company

We have a number of customers who want to register a UK Limited Company but are not based in the UK. Below are a number of issues that they can face when registering a Limited Company and how our Limited Company Premium Package can help them:

  1. UK Registered Office and Service address – to register a limited in company in the UK you need an address in the UK to serve as your registered office where the registers can be viewed. As part of the Premium Package or as an added extra our address can serve as yours.
  2. Opening a Bank Account – depending on the country of origin of the customer they can sometimes open a bank account where they live. If this is not the case then we can arrange a meeting with a Bank of their choice and ensure all the information that is needed is available.

Depending on the structure of the company we can advise on the most appropriate way to set up your company to facilitate the opening of a bank account i.e. the bank will want to see all directors so we recommend that you complete your company registration with the directors that are able to visit the UK to set up the bank account.

  1. Completing Accounts – we will introduce you to a recommended accountant who can help you in the first few years of setting up your company.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Company Registration – Tax benefits?

When do the tax benefits of being a Limited Company not exist?

The main reason people use a Limited Company as the vehicle for their new business are below, together with the reason why this reason might not be applicable:

  1. No national insurance – if you are over the national insurance age then you will not be paying national insurance anymore and therefore there will no saving of national insurance by forming a Limited Company.
  2. You don’t pay higher rate taxes – if your profits are such that you will never pay higher rate taxes then you won’t benefit by being a limited company.
  3. If you are cash rich – if you are self employed then you will pay your taxes on 31 January and 31 July i.e. two months before the year end and four months after the year end. Whereas in a Limited Company you pay the company tax nine months and one day after the year end. If you have plenty of cash these dates probably don’t matter.

A combination of any of the three above could exist and should be considered.  Therefore you should really speak with Our Accountant who will correctly advise you on whether or not you should consider registering as a limited company.

They will also talk you through all the benefits of the various limited company registration packages.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Limited Company Formation Packages

The biggest question that we are asked is, what’s the most appropriate limited company package for me if I am registering my business.

It is human nature to want a bargain but not the cheapest and typically people choose the Recommended Package. This is because it is right in the middle!!!

When we receive the question of what limited company package to choose we recommend the Premium Package. This is not just because it is the most expensive but because if they have asked the question they are probably not sure of what they are doing.

The Premium Package is called PREMIUM for a reason as you don’t just set your company up but we will register you with HMRC for VAT, PAYE and Tax. You will receive 3 months free accountancy consultation and the accountancy set up advice. PLUS hardcopies of your incorporation. So you will be ready to trade right away with no issues.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Customer referral!!!

Thank you for registering my limited company….. I have been thinking about registering a business for a long time then when I spoke with your accountant I realised that it would be so much better and cheaper for tax if I was a Limited Company.

At times the science behind why I should complete a limited company formation was baffling but I’m so glad that I did it.

My friend Bernard has your details and he should be calling you in a few weeks as he is starting up his business soon. I’ve told him to go for the premium limited company package. Cheap as chips….

Thanks Alan.

Taxation savings

Even though the budget didn’t really make any drastic changes to the tax system for limited companies, we feel it necessary to again highlight the benefits of trading through a Limited Company.

Taxation

There is a common misconception that you save tax by setting up as a Limited Company. This is not always the case and depends on your circumstances.

As a rule of thumb you will pay 20% on all the profit that the Company makes and this will not change until your profits are £300k. When the shareholder takes the money out of their company for circa £30k they will not pay any tax. Once they go over this amount then they will pay 25% of the amounts that they draw, so as the company has already paid 20% the remaining 80% will become taxable at 25% which in total equates to 40% of the total. Therefore you pay tax at 40%

The savings of taxation by registering a limited company come from being able to use the lower rate bands of spouses and not drawing all the profits of the company.

If you are trading as a sole trader business instead of a limited company you will pay tax on all of your profits with potentially some of the profits at 40%. If you are trading as a limited company and don’t spend the company profits then you will not pay 25% on your dividends.

One of the main benefits of trading as a limited company is that you are able to pay your tax 9 months after the year end. If you are trading as a sole trader then you will pay tax on 31 January before your year end and on 31 July which is 4 months after the year end.

National Insurance

If you structure your pay in the right way than as a limited company you are able to pay no national insurance which gives you a benefit of a 9% savings…..

Provided the salary you take in the limited company is sufficient you will still qualify for national insurance contributions even though you are not paying them.

If you are unsure on what the savings will be and are conscious that your accountant might not help you in benefiting from the savings above use the Premium Package to ensure that you get the correct advice.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today

Budget – All you need to know!!

George Osborne presented his Budget on Wednesday 19 March 2014.

In his speech the Chancellor set the scene for the announcements stating that ‘If you’re a maker, a doer or a saver: this Budget is for you.’

Towards the end of last year the Government issued the majority of the clauses, in draft, of Finance Bill 2014 together with updates on consultations. The publication of the draft Finance Bill clauses is now an established way in which tax policy is developed, communicated and legislated.

The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply from April 2014 and some take effect at a later date.

Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please do not hesitate to contact us for advice.

Main Budget tax proposals

  • The starting rate band for savings will be increased from April 2015 and the current 10% tax rate reduced to nil.
  • Individual Savings Accounts are to be simplified by merging the cash and stocks ISAs together with a significant increase in the investment limit from 1 July 2014.
  • Radical changes are to be made to the pensions regime including removing the restrictions on access to pension pots so there will no longer be a requirement to buy an annuity.
  • The Annual Investment Allowance is to be doubled to £500,000 until 31 December 2015.
  • An increase will be made in the R&D tax credit available to loss making SMEs to 14.5%.
  • Those using tax avoidance schemes may be required to pay tax upfront.

The Budget proposals may be subject to amendment in a Finance Act. You should contact us before taking any action as a result of the contents of this summary.

Problem of the week

When a customer has an issue with our website or trouble in understanding what is involved in completing a company formation we try to make the necessary changes to our site. There are instances where the issue is created by TheCompanySupermarket to protect the customer.

An example of this is where we previously provided the facility for customers to register a limited company where it is limited by guarantee rather than being limited by shares. There are instances where someone might want to register a limited company that is limited by guarantee i.e. they are not for profit. The problem arises when the customer doesn’t quite understand the basis for setting up a limited company that is not limited by shares and they do it by mistakes. Therefore, we appreciated that in most instances they were setting up the company in this way by mistake. So we removed the service and none of our limited company formation packages included this service.

Another way where we changed our site was to restrict the use of shares that are valued less than 1p. The Companies Act doesn’t limited the amount that you can create a share for when you are registering a limited company so technically you could issue shares at 0.00000001p if you so wished. The reason someone may do this is to then issue millions of shares at this prices so that the shareholder will hold millions of shares in a limited company but only pay a few £’s for them. In essence they are creating a perceived value in the shares. The reason why we restricted this was sometimes the user would get a digit in the wrong place and end up owing thousands to the company for the shares.

The main reason why we stopped the use of shares at a nominal value of less than 1p was due to the fact that the large majority of our customers are new to registering a limited company and are just starting their business. If they go into a bank to set up an account, or need investment in their limited company we feel that if someone sees that you have registered your company with millions of shares it can look a little embarrassing and they don’t know what you are doing.

Bearing in mind the issues raised above, we feel that customers should at least use the Recommended Package as they can be provided with assurances from the accountant.

Company registration fears!!!!

What do my neighbours know if I file accounts with Companies House.

One of the main issues that some customers face when they are registering a limited company is having to disclose information at Companies House. They are worried that the man in the pub will know how well the business they have set up is doing or how much money they have in the bank.

Below are the main areas things that you could disclose that you might not want to:

1.    Your address – when you are registering a business as a limited company you need to provide a business address – If you choose the Premium Package you can use our address as your registered office.

2.    Your turnover – 99% chance that you won’t need to disclose the turnover for your new limited company.

3.    Your profit – you only disclose your retained profit after the company has paid your dividends – so unless they have a crystal ball they won’t be able to tell how you have done.

4.    How much cash you have – unfortunately you need to disclose how much cash you have at your year end – If you employ a good accountant they help you to avoid doing this.

It is always better to speak to an accountant before you register a limited company so make sure you choose at least the recommended package.

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Who Are The Company Supermarket

We are a company formation agent registered with Companies House and have a variety of limited company formation packages to cover all your options starting from only £10, and as one of the only formation companies run by accountants, you can be safe in the knowledge that you will be fully compliant and you will be able to get advice on how best to set your company up for your own personal tax circumstances.

All packages except the Basic package include some consultation time with us directly so you can speak to a human being to make sure everything is just right.

And if you’re unsure how to go about setting up a company on our site, have a look at the FAQ section that will guide you through the process.

Register A Company With Us Today