Requirements for a UK Limited Company

A simple guide about the requirements of a setting up UK Limited Company by shares.

1. Set up a UK Limited Company

Register a limited company UK with the companies house, most of the people go for a Limited company by shares with a share capital of £1.

2. Open a Business Bank Account

Once the UK limited company has been set up, the next step will be to open a Business Bank Account. You can have more than one business bank accounts. E.g have a saving account to save money for corporation tax.

3. Start operating the business & insure your business:

Once the bank account is opened, you can start getting money into the company. You may need to take insurances, such as Professional Indemnity, public liability or Employer liability insurance.

4. Monthly Filing Requirements:

Register for Payroll/PAYE & Workplace Pension

Register your limited liability company UK  for PAYE as soon as you take an employee on board. You will also be responsible to provide a workplace pension for eligible employees.

5. Quarterly Filing Requirements:

Register for VAT & File Quarterly VAT Returns

If turnover/sales are above the VAT threshold (Currently £85,000 in any 12 months) or you can register on a voluntary basis. Once registered, you will have to charge VAT on sales, and file quarterly VAT returns to HM Revenue & Customs.

6. Other Requirements:

The company has to file a declaration of compliance every year. In addition, other documents depends on individual circumstances such as filing P11D etc

7. Yearly Filing Requirements:

Confirmation Statement:

File Company’s Confirmation Statement to Companies house every year. (To be filed every year, within 14 days from the anniversary date of the company).

Company Accounts & Tax Returns

• File Abbreviated/Abridge/Micro entity accounts for the company’s house every year. ( Within 9 months after the year end date)
• Pay any Corporation Tax due, within 9 months and one day after the year-end date.
• File full set of Accounts to HMRC every year. ( To be filed within 12 months after the year end date)

8. Register for Personal Tax Return

Being a director of the company, you will have to do personal tax return every year. (Only when you take a salary or dividends from the company)