You have just set up your limited company and it’s now official. Your new business adventure is on the
road and you are now either a business owner, entrepreneur, shareholder or all of the above.

But what now? What else needs to be organised in those first few weeks after company
formation. Chances are you are already busy refining your new product or service and getting the
word out to potential new customers.

 

1. Set up a business bank account

After setting up a limited company the ideal way to keep your business finances clearly separated
from your personal ones is by opening a business bank account.
Have a search for the best deals for your situation and check what business support is available from
the bank. To set up a business bank account you will need to complete an application, and also
confirm who you are by providing proof of identification (ID) and address documents. You may also
be asked for your company incorporation documents including your certificate of incorporation.

 

2. Make sure the taxman knows you are in business

As in your personal life you can’t avoid tax in relation to your new limited company. Her Majesty’s
Revenue and Customs (HMRC) therefore provides a 10 digit Unique Tax Reference (UTR) to every
incorporated company.
This number is important as it is needed to file your company tax returns. When you incorporate with
Lightwork Business, HMRC will automatically send a letter with your UTR number to your company’s
registered office within 3 weeks from your company’s incorporation date.

 

3. Get it in writing

Whatever your business type, the best practice for all things legal is clear and simple – get it
writing. When you formed your limited company you will already have started following this
important principle by having the ‘internal rulebook for your limited company’ written down and
documented in the articles of association.
It is crucial not to stop there though with writing things down. Although the full range of documents
required will vary with each business here are a few of the key ones you should look put in place at an
early stage.

  • Terms and Conditions (T&Cs) – these will protect both your business & the customer.
  • Website use policy – helps you comply with e-commerce regulations.
  • Shareholders agreement – for companies with multiple shareholders this will make it clear
    where everyone stands.

 

4. Tell your customers about practical things too
In the early days of setting up a company there will likely be lots of marketing activities going on
getting the word out as far and as wide as possible about your new business. But getting the word out
is more than sharing information on your products and services. There are practical things your
customers need to know:

• If you are a limited company you must display your company name, number, address, place of
registration, and VAT number if you have one, on your website, e-mails, business letters and
order forms.
• If you are sending any marketing e-mails or texts you need to give people the option to
unsubscribe and identify the sender.
• Make sure you are displaying your Terms and Conditions (T&Cs) where customers can find
them.
• You must also display the price of what you are selling and a description of the goods.

 

5. Know your company’s annual requirements

After you have incorporated your limited company you will need to have a clear idea of what
documents you are required to send to Companies House, HMRC and other Government bodies every
year. Companies House filing requirements for example are compulsory and apply even if the
company is dormant.
Failing to submit the required information on time is an offence and if Companies House does not
receive the relevant documents the Registrar of Companies can potentially assume the company is no
longer in business and remove it from the company register.