Post incorporation activities

Documentation

After 121 Company Formation has incorporated your new company, you will receive by email all the statutory documents in PDF format:

•   Certificate of Incorporation
•   Memorandum and Article of Association
•   Share certificate/s/ guarantor certificate/s/draft LLP agreement depending on the type of company

HMRC and your company’s UTR number

As soon as a new company is incorporated, Companies House automatically notify HMRC who will issue your company with its unique tax reference number (UTR) which you will need to register for corporation tax and subsequently use for all corporation tax matters including filing the company’s accounts and its tax return together with any payment due at any time.

The letter containing details of the company’s UTR will be sent to its registered address together with all the necessary information regarding registering for corporation tax which you will need to do online using the activation code that HMRC supply within 28 days otherwise the activation code will expire. Although it is a requirement that you register for corporation tax with HMRC within three months of the incorporation of the company, it is much easier to use the online registration service within the first 28 days.

If your newly incorporated company is to be dormant then you will not need to register for corporation tax until it actually begins trading. HMRC must be informed of this in writing as soon as possible.

Corporation tax

Corporation tax is currently charged at 20% of the company’s profits and this is normally due to be paid within nine months of the company’s year end to which the annual accounts are made up to. However, at the current time this has been extended to 12 months due to the impact of COVID-19 on business operations.

Banking

Whilst it is not a legal requirement for a limited company to open a business bank account, it is recommended that, because the company is a separate legal entity, that its financial affairs are dealt with using a dedicated bank account.

121 Company Formation works with various financial resource companies that provide a vast range of services and products your company will need if it is to get off to a flying start.

When you use our services to form a company, we will automatically offer you the option of a fast-track referral service for banking facilities with several companies including Barclays, Anna, Counting Up, Cashplus Business Account, etc.

Please be aware this, is an optional banking referral service with no guarantee of success, as this is at the discretion of the bank and subject their due diliegence process. In addition, we are unfortunately not able to refer overseas clients for business banking.

Year-end accounts

Every limited company is required by law to file an annual financial report which gives account of its activity over a specific accounting period, usually 12 months.

121 Company Formation are an experienced accounting company that specialises in offering sound business advice to start-up, small and medium sized companies, assists them in running their operations in the most tax efficient way and prepares their year-end accounts and files both this and associated documents including:

•   The year-end accounts by the company’s accounting reference date (ARD)
•   Confirmation statement
•   Company Tax Return
•   Corporation Tax calculation
•   Self-assessment Tax Return
•   Any changes to the company not covered by the confirmation statement