Here's your comprehensive guide to managing your new business in the first 12 months! Immigram and Osome know how overwhelming it can be to navigate through all the government regulations and complicated terms.
That's why we're here to simplify everything for you with easy-to-follow steps and helpful resources. Whether you're just starting out or in the process of incorporating, we've got you covered.
So, are you ready to get started? Let's do this together!
You are or will soon be the director of a company, which means you have some important duties to fulfill. Don't worry, Immigram and Osome are here to help you out. Here's a brief summary of what you need to do:
Read a more detailed guide here.
When you start a business and get it up and running, there are some important dates you should keep in mind to avoid getting fined. Let us break it down for you.
- Annual accounts
When: 9 months after your company's financial year ends
Your first accounts often cover more than 12 months, starting from the day your company was set up (“incorporated”) until the date set by Companies House for the end of your financial year.
- Confirmation statement
When: Every 12 months
Each company is required to submit a confirmation statement which serves to verify that the information held by Companies House regarding the company is current and accurate.
- Corporation tax
When: 9 months and 1 day after your accounting period ends
You must pay Corporation Tax on profits when doing business as a limited company. If your company is based in the U.K., you pay this tax on all your profits from the U.K. and abroad.
- Company tax return
When: 12 months after your accounting period for Corporation Tax ends
This period cannot be longer than 12 months, so you might need to file two separate tax returns to cover the period of your first accounts. If you do, you'll also have two payment deadlines.
We are pretty sure paperwork isn't your favorite thing to do, right? However, when you start a company and get it registered, there are some important documents that you need to have from Companies House. These documents are:
- Certificate of Incorporation
This certificate proves that your business is legally registered in the UK. It's a really important document because you'll need it for lots of things, like getting permits, opening a business bank account, paying taxes, and even hiring employees. So, keep it safe!
- Memorandum of Association
This legal statement shows the names of all the people who started the company with you (they're called shareholders or guarantors) and confirms that everyone agrees to start a company under the Companies Act.
- Articles of Association
The article of association is a document that defines your company's rules and how you do business. You can either use the templates from Companies House or use them as a reference and create your own rules to fit your company's needs.
We understand that opening a business bank account in the UK can be a bit challenging. This can be especially difficult for foreign companies or individuals with poor credit. However, it's not impossible!
It's important to note that not everyone needs a separate business account. Sole traders or freelancers may not require one, but if you have a limited company, it's a legal requirement to open a separate bank account.
Opening an account online is possible, but some banks may need you to go to their branch with a valid ID to confirm you're a real person, not a robot. If you're not sure how to do this, don't worry – Osome is here to assist you in opening an account for your business.
Record Keeping
As part of your job, you'll need to keep detailed, up-to-date records of all company financial affairs and transactions. These include:
As the director, it's your responsibility to get everything ready and send the necessary documents to HMRC. Just make sure to tell them if you are changing:
We’ve partnered with Osome to help you save time and get rid of unnecessary bureaucracy while incorporating a business in the UK. Osome helps entrepreneurs register their company, manage their bookkeeping, get immediate access to digitised and stored documents in the cloud, integrate their Osome account with their bank and get daily updates and more.
To begin the incorporation process, please fill in the form.
Immigram offers support and guidance every step of the way and a £30 discount to our clients.
To be eligible for this service, the country of your residence must not be included in this list. If it is, you can still set up a business in the UK once you become a British resident via the Global Talent Visa.
