20 Business Startup Essentials

Here is our Top 20 Business Startup Essentials.

1. Incorporate the Company
2. Open a bank account in Company name, obtain a debit card and put in loan funds.
3. Apply for PAYE Registration
4. Apply for VAT Registration
5. Arrange letterheads, invoices and other stationery to comply with Companies Act legislation – registered office address, full registered company address, company registration number, registered in England
6. Arrange domain name and email address, website (NB: company name, company number and registered office address must appear on website – see link above for Companies Trading act)
7. Arrange entries in telephone and trade directories
8. Agree director’s remuneration (mix of salary and dividend) and monthly drawing (Note that no personal expenses can be paid by the company). By law the directors cannot owe the company money (and there are tax consequences of so doing)
9. Prepare template for minutes and tax vouchers for dividends for completion on a monthly basis
10. Keep business mileage log and use authorised mileage rates for business use of car 
11. Ensure that private car is insured for business use 
12. Consider pension arrangements – move personally paid to company paid
13. Transfer mobile phones into company’s name
14. Consider benefits (other than mobile phone) that should be paid by the company (e.g. gym membership, private health) CONTRACT has to be with the company, not the individual
15. Template for director’s expenses claim form (for business expenses paid outside the company bank account)
16. Sales invoice template
17. Agree market value and listing of assets brought into company
18. Use of home as office agreement, if applicable (£4 per week unless more can be justified)
19. Set up new accounting records on Xero
20. Bookkeeping lesson/ enter information to date for practice

If you have any questions about deregistering as self employed when forming a company we have written this blog previously, or please do not hesitate to contact us.