Company Formations - Next Steps
New Company Series - Part 2
Now that you’ve officially formed your limited company here are the next steps.
You can also view our infographic here
Company Authentication Code
This is a 6 digit alphanumeric code which will be sent to your limited company’s registered office address. This code allows us to access your limited company details with Companies House and update the official registers. It’s useful for things like:
- Changing the company address
- Changing the company year end date
- Appointing new directors and shareholders
Remember to always pass this code on to us as soon as it’s received.
More information on your authentication code is available here:
Corporation Tax UTR
When we register your new limited company, we will always register you for Corporation Tax at the same time. HMRC will send you through a Corporation Tax UTR (unique tax reference) number – this is your official HMRC identifier and is required to submit your tax return to HMRC and pay your Corporation Tax when the time comes.
Once the UTR arrives, please pass this on to us immediately. On our side, we will enter your UTR into the HMRC system and HMRC will send something in the post called an “authorisation code”. This authorisation code allows us to view your Corporation Tax account online and speak to HMRC on your behalf should there ever be any issues.
We will have advised you about registering for PAYE and VAT by this point– the same process applies. HMRC will send out PAYE and VAT UTR numbers and once received, we will then enter them on the HMRC systems and get authorisation codes sent out in the post.
Your next port of call will be getting a business bank account set up.
Every bank is different, some can have an account set up in as little as 24 hours while others can take a week or two. Feel free to get in touch with us and we can recommend someone if you’re not sure what the best option is.
Whether you’re a contractor or a standard limited company, you’re likely going to need some form of insurance before you can start working. We have a wide range of insurance companies we work with so if you don’t already have a provider in mind, feel free to give us a shout and we will send you on the right track.
Contract Review (contractor only)
If you’re a contractor then it’s vitally important that you send over your contract so we can review this to ensure it is IR35 compliant.
Once you’re bank account is operational, we will get you set up on our FreeAgent online accounting software. You’ll be able to manage your company finances in real time with everything automatically to your company bank account. More information available here