If you are starting a limited company, there are several things you should consider in your first year to ensure you are setting up your business for success. Adams Moore can help you through the following 10 steps :

1. Register with Companies House: You must register your company with Companies House within 30 days of starting to trade
2. Open a business bank account: Keep your personal and business finances separate by opening a business bank account
3. Set up a system for managing your finances: consider using accounting software
4. Understand your tax obligations: As a director of a limited company, you will need to register for Self Assessment and Corporation Tax. It’s important to understand your tax obligations and deadlines
5. Create a business plan: https://www.adamsmoore.com/the-importance-of-a-business-plan/
6. Get the right insurance: Consider getting professional indemnity insurance, public liability insurance, and employer’s liability insurance to protect your business
7. Know your responsibilities as a director: As a director of a limited company, you have legal responsibilities. Make sure you understand what they are
8. Keep good records: Keep accurate records of all your business transactions, including income, expenses, and tax payments
9. Understand your cash flow: Keep a close eye on your cash flow, especially in your first year. It’s important to have enough money to pay your bills and keep your business running
10. Focus on building your brand: Invest in marketing and branding to build your reputation and attract new customers

Adams Moore are experienced in working with limited companies, from first conception to incorporation and beyond; your success is our success. Call us today to make an appointment 01827 54944.