There are some key things you need to do once your new limited company is incorporated, here’s a checklist for you;
- Company stationery must show the full company registered name, registered office address, where incorporated and company registration number
- A Company bank account must be set up and all expenses and receipts processed through it
- If you were previously paying Class 2 NI contributions as a sole trader, you must inform HMRC of the change
- Keep all HMRC and Companies House correspondence either in paper form, or electronically so that these can be accessed at any time for information
- Payments made to Directors over the PAYE salary amount should be called ‘Drawings’. NLD will deal with the dividends and issue vouchers at the year end.
- Keep an eye on your turnover level for VAT registration purposes – this is based on what is invoiced, not what is received into the bank account.
TaggedCompanies House , HMRC , Limited Company , OZKAN Accountants , VAT