New Business - What Next

[bananapringle]

Hi,
As someone who just incorporated a company/new director, only shareholder, only person working here, would absolutely appreciate any knowledge advice any of you might want to share if possible.

I was wondering, is there things i should be aware of and if anyone can give a set of points I must ensure i need to do next in order to be following the rules as i dont want to fall into any pitfalls. a set of bullet points that you might have had to do yourself that others can find and also learn about too.

Example
1) Register For corporation tax
2) Register for PAYE

Etc, i just want to make sure ive covered what i need and didnt miss anything out
Thanks so much

 

[Noah]

VAT
Pension "auto-enrollment".
Local council for Trading Standards, H&S, Environmental, rates, etc.
Insurance
Yellow Pages

There's lots more...

 

[ethical PR]

@bananapringle have look at the business section on .gov.uk and the HMRC site which has lots of information on various aspects of running a business.

What you need to do very much depends on your business type and business model.

There is no exhaustive list as you need to tailor it to your business.

Presumably you have familiarised yourself with your responsibilities as a limited company director?

 

[TODonnell]

1. Get login access to HMRC for yourself as a self-employed person and, separately, for your company, as a tax paying entity. Then get ready to do tax returns for both in due course.

2. Get login access to Companies House for your company, so that you can submit returns to it, for your company, in due course.

That's basically it, based on what you said, above.

 

[Steve WebStudio]

First step for me in my experience is to arrange a few meetings with a local accountant, they should be able to give you tailored advice. Don't go for an accountant that will tell you what you want to hear, go for someone who will keep you compliant. Whilst this adds to initial expenses this will give you the time to do what your good at...getting new business and growing your business

 

[Steve WebStudio]

Also..... get your business name right and logo, get your branding right from the beginning, this is the first thing a potential customer will see, so business name and branding is key.

 

[KAC]

Why are you intending to trade as a limited company?

 

[Socio South West]

All the things mentioned so far are fine.... but they are all non earners in the short term!

You need to get some business going to earn some money to pay for these things.
I very well remember the satisfaction of being able to pay suppliers for the first time because someone had paid me....