When setting up a company it is not always easy to know what you need to do and how to go about it. There are plenty of things you can do wrong when you set up your business that could end up costing you money and time, so this guide will help make sure that doesn’t happen!
Establishing your company the right way
It is important to establish your company the right way. If you are not sure how to do that, here are some helpful tips:
- You need to have a business plan.
- You need to have a bank account.
- You need to have an accountant
Your director’s responsibilities
As a director of your company, you have certain responsibilities. For example, you’re required to make sure that:
- The company name complies with the law and is not misleading or deceptive.
- You maintain accounting records for your business according to good commercial practice and proper statutory requirements. In other words, this means you need to keep proper books and records so that any taxman/auditor can see how much money came into the business and how much went out during each financial year since incorporation
Things to consider?
- Do you understand the purpose and requirements of a Registered Office?
- Do you understand the purposes of Shareholders?
- If the company is successful, do you have a plan how to get out the money?
- Do you know that “giving” shares away can attract a Capital Gains Tax liability?
- Do you understand about SIC Codes, and implications from getting this wrong?
- Do you understand the legalities of identifying PSC’s (Persons of Significant Control)
This is a very brief overview of the process and steps you will need to consider in order to set up your own business. We hope you found it useful, but if not please do not hesitate to contact us for any further information