Checklist for setting up and running limited company

[Lewis Hanson]

Hi All

Hope you are all well.

I was wondering if anybody could provide an essential checklist of the things you need/need to do in order to set up a limited company but then also run/maintain each year.

I have googled and compiled a checklist with the basics on there, just want to make sure I have all the essentials and am not missing anything.

It's really just some clarity on the things that you have to do annually, quarterly etc i.e. in terms of compulsory filings etc

Many thanks in advance for your time and help.

 

[Scalloway]

You need to file the confirmation statement and the compnay accounts every year. Also a Corporation tax return if the company is trading needs to be filed every year. Beyond that what needs to be done depends on how the company is set up, eg VAT registered.

 

[Maxwell83]

What I'm going to say may sound discouraging, but its not meant to be - its what I have learnt from experience.

What YOU need to do, is have a business that generates enough to pay a good accountant - around £100 per month seems to be average. With a good accountant, you won't miss any of your legal duties unless you wilfully ignore him/her, so you can focus on running your business. Its obviously important to know what is what, and why you have to certain things. But let a professional take care of the legwork.

The 'discouraging' bit is this - if you don't have a business that could afford £100p/m, you may want to reconsider going limited or even reconsider your idea altogether.

For years I did it all without an accountant, even though the business could afford one. Since retaining one, I will never go back.

 

[zomex]

What I'm going to say may sound discouraging, but its not meant to be - its what I have learnt from experience.

What YOU need to do, is have a business that generates enough to pay a good accountant - around £100 per month seems to be average. With a good accountant, you won't miss any of your legal duties unless you wilfully ignore him/her, so you can focus on running your business. Its obviously important to know what is what, and why you have to certain things. But let a professional take care of the legwork.

The 'discouraging' bit is this - if you don't have a business that could afford £100p/m, you may want to reconsider going limited or even reconsider your idea altogether.

For years I did it all without an accountant, even though the business could afford one. Since retaining one, I will never go back.

This is very good advice.

My accountant falls into that price bracket and without her being on top of all of the changes to tax etc I would rather be without the Ltd company.

 

[Alan]

I think people have beaten me to this, my checklist

[x] Accountant

 

[Mark T Jones]

Before you pay an accountant,check that you have a clear market for your product / service

 

[MyAccountantOnline]

.... an essential checklist of the things you need/need to do in order to set up a limited company ....

1. Ensure it is the right option for you - having been an accountant for many years I've seen so many people set up a limited company without proper professional advice (first) which has been an expensive mistake.