Here’s a step by step guide on what needs to happen after you’ve just become a limited company.
1. Set up a company bank account. This needs to be in the name of your limited company. You’ll need your incorporation certificate (a one page document that has your company name and number on it). Banks can take up to 4 weeks to set it up so make sure you speak to them early (although it has to be after you have set the company up).
2. Make sure you have your dividend templates at the ready. You should be able to get these from your accountant. You are now going to pay yourself in dividends and you need the paperwork to go with it.
3. If your accountant has advised you to pay yourself a minimum salary then you will need to set your limited company up as an employer and start giving yourself payslips.
4. All of your invoices, letterheads and email should disclose the fact that you are a limited company. If you want an example of this – email me at Russell@rsaccountancy.co.uk.
