Things to do on Incorporating Your Business

1. Form the Ltd. Company and fill in the various forms from the formation agent. (We will usually do this; you will need to decide how much share capital you would like, who owns the share capital and who are to be directors)
2. Tax – Don’t worry about Corporation Tax, the Inland Revenue will send an enquiry form to the registered office automatically
3. VAT – You do need to inform VAT office. Phone and tell them and they will send a form
4. PAYE – If you have payroll you can switch it otherwise you will probably need a payroll for the proprietor/s becoming Directors. (We recommend a minimum wage approx. £ 7,200.00 per annum)
5. If you are already self-employed or a partner contact the Collection Agency to cancel your Class 2 National Insurance Contributions (the stamp)
6. Need to inform customers and suppliers
7. Need to decide whether to transfer
   
   • Debtors ledger
   • Suppliers ledger
   • Assets
   • Money
8. Need to open new bank account(s)
9. Need to prepare and use new stationery with the proper company name on it and the Company number, and where registered
10. Timing coincides for 3, 7, and 8, accounting for 6 and start of trading
11. Inform your insurers
12. If you have a self-employed personal pension plan you must inform the policy provider of your change of status

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