Company Formation Next Steps

The multi-step process of setting up a limited company

Setting up a limited company is a multi-step process. Once your company is formed at Companies House there are a number of other steps to take in order to get it fully set-up. Although each new business will have requirements of their own there are some things which everyone will have to do. These include dealing with HMRC, getting a bank account and sorting out your accounts.
In this guide we will take you through what to expect and the main areas that you need to take action on.

If you can’t find the answers to your questions here, give our Business Consultants a call on 01245 492777 and they will be happy to help.

Step 1 - Companies House and HMRC

Once you have decided your company name and registered with Companies House then it is time to get all of your legal documents in place. It is best to have all of your documents for both Companies House and HMRC in order before you begin trading to ensure that you don’t encounter any problems further down the line.

Statutory Registers

When your company is formed you will receive a Certificate of Incorporation from Companies House. This shows the company has been registered but does not prove that you own it. Your next step should be to put the rest of your legal documents in place. Collectively these are known as your statutory registers. Find out more about how we can help you organise your legal documents...


CT41(G) Form

When your company is registered with Companies House they will automatically tell HMRC about it. HMRC will then write to you around 3 to 4 weeks after your company has been formed. This letter is known as a CT41(G) and you have to respond to it – we have some handy information on how you can complete your CT41(G) form here.


Step 2 - Getting Online

In our modern society, it is increasingly important to have a strong online presence in order to reach far more potential customers. A lot of business is now completed online and sometimes not having a web presence at all can even make your business appear unreliable or untrustworthy. Step-by-step The Company Warehouse can get your business up and running on the web!

Securing Domain Names

To have a business website and business email you will need a domain name. You will probably want one that matches closely to your company name but there can also be advantages to buying keyword rich domains. Discover if your domain name is available with our handy domain name search tool.


Business Email

If you are going to be emailing potential clients and suppliers you will want to do it from a business email address. With your domain name secured we can quickly get you up and running with your own business email addresses.



A website is the beginning of building your brand online. However, it takes time to build attractive and functional websites and even longer to push them up the rankings in search engines such as Google. The sooner you make a start on building your business website the better!


Step 3 - Organising Your Finances

Any successful business owner will tell you that organising your finances is imperative to the smooth-running of your company. Getting your head around tax, payroll, annual returns and bank accounts may seem like a daunting task but our professional accounting team is here to help.


You should be keeping track of everything you are spending on your business (and everything you are earning). Keeping accurate financial records is a legal requirement and any costs you have can be deducted from you tax bills.


Bank Accounts

HMRC recommend that you have a separate bank account for your business (and your bank will also prefer this) but getting a business bank account opened can take several weeks so it is worth starting the process as early as you can.


VAT Registration

Whether or not your business is VAT registered will make a big difference to your pricing and to your accountancy needs. You don't need to register until you hit the VAT threshold but it can be a good option for some businesses to voluntarily register.


Step 4 - Paying yourself

Earning your first pay check from your business can be a very proud moment for new company owners; however, there are some steps that you need to take to ensure that you completely understand the payment processes.

Director's Loans

If you take money out of your business bank account for your own use it is classed as a director's loan. Depending on when, or if, you pay it back this will be tax free or taxed at 25% so you need to know the correct rules and procedures.



The first £10,600 you pay yourself through PAYE is tax free. Using this method will also keep your National Insurance contributions up to date and give you a regular income to cover costs such as your rent or mortgage.



Company shareholders can be paid a dividend out of the company's after tax profits. The tax on dividends is very low, typically 10%, so this can be a very tax efficient way to take money out of your company.


Step 5 - Annual Requirements

Once the initial set up of your business is completed you may think that you can simply get on with the day to day running. However, there are certain annual requirements that you must complete for Companies House that ensures that you do not receive any charges and your company continues to be registered.

Annual Returns

You will need to submit an annual return to Companies House every year. This tells Companies House whether there have been any changes to the structure of the company or to details such as the address.


Annual Accounts

As well as an annual return you will need to send a copy of your accounts to Companies House. These will be made publicly available for anyone who wants them. Exactly what needs to be in your accounts depends on the size of your business.


Corporation Tax Return

In addition to the returns and accounts sent to Companies House you will need to do a Corporation Tax return for HMRC. This will calculate how much Corporation tax you need to pay based on your company's profits.


Need more help?

Contact Us

Call our business consultants on 01245 492777 or use our contact form.


The Company Warehouse Blog

For more company formation guidance we regularly update our blog with fresh and useful content that would be relevant to your new business.



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company formation step 1 - choose company structure
company formation step 2 - manage your company via our control panel
company formation setp 3 - get help and support for your new company
company formation step 4 - grow your business