5 steps to take after incorporating your company
You've just incorporated your company and may be wondering what next to do. Below are 5 steps of what to do for a limited company within the first few weeks of setting up.
1. Open a business bank account
As your limited company is separate to you as an individual, opening a business bank account is ideal so that you can record your business incomings and outgoings without interfering with your personal expenses.
Should you choose to open a bank account, you'll be expected to complete an application, provide ID and proof of address documents, and your company incorporation documents. The majority of UK banks offer 1 - 2 years free banking - meaning no transaction fees.
As part of our company formation service, we offer a free bank referral to two of the following UK banks (only available to UK residents):
- Save time and hassle during the incorporation process by simply filling out a one-page contact form
- 12 months free banking for new customers
- Receive between £50 - £75 cash back
- Online application for a TSB business account
- 18 months free day-to-day banking for new customers
- Receive between £50 - £75 cash back
- Easy ways to manage your account online
- Simple online process
- No credit checks
- Pay your bills, invoices, wages
2. Ensure you have a UTR number
A UTR number or Unique Tax Reference is a 10 digit number provided by HMRC to every newly incorporated company. This number is important as you will need it to file your Self Assessment tax return. When you incorporate your company with us, HMRC will automatically send a letter to your registered office address containing the UTR number within 3 weeks from your company's incorporation date. If you have a current registered office address service with us, once the letter arrives, we will forward it to you within 24 hours.
If 3 weeks have passed and you have not received the UTR number, please contact HMRC on 0300 200 3310 or +44 161 931 9070 (if calling from outside the UK).
3. Apply for business insurance
You will want business insurance to protect your company just in case something goes wrong. There are various types of insurance, and some are mandatory for a company to have. For example, once you hire your first employee, you will need Employers' Liability Insurance.
If you're a start-up or small business and are thinking about protecting your company, we've teamed up with Churchill and Direct Line who offer business insurance (only available during application process at the moment).
4. Marketing your business
There are various ways to market and promote your business, here are a few:
- Create a website - ideal if you're solely providing business online. You can reach a wider audience. Websites MadeSimple offers quick and easy packages to get you started with a website.
- Social media - a great way to visually promote your products and services. You should set up accounts with Facebook, Twitter, Instagram, Google + to name a few
- Business cards - includes all your contact details that you can pass to potential customers and suppliers when networking or for when you may bump into someone when you're out and about.
5. Get familiar with your company's annual requirements
Throughout the life of your company, you will have documents and forms to fill in and file to Companies House, HMRC, etc. Please ensure you are aware of your company's annual requirements.
Not all of the above steps will apply to your company, and, therefore, is a guideline. Should you require professional advice, please speak with an accountant or Companies House business support line on 0300 456 3565.
- Mail forwarding - if you work from home and provide products or services to customers, having a mail forwarding service can be beneficial. Virtual Office MadeSimple offer just that!