Post incorporation activities

After 121 Company Formation has incorporated your new company, you will receive an email with the statutory documents in PDF format. This will include your:

•   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 will automatically notify HMRC who will issue your company with its unique tax reference number (UTR). You will need your UTR to register for corporation tax and all other corporation tax matters including filing the company’s accounts, its tax return, and any payments that may be due in the future.

The letter containing details of the company’s UTR will be sent to the company’s registered address together with all the necessary information regarding registering for corporation tax. The most convenient method of registering for corporation tax is to do so online using the activation code supplied by HMRC. However, this will need to be done within 28 days or the activation code will expire.

Alternatively, you can register for corporation tax within three months of the incorporation of the company by completing the forms and submitting them via the mail.

If your newly incorporated company will be dormant for a period of time, you will not need to register for corporation tax until it actually begins trading. However, 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 by completing the CT41G form (sent by HMRC along with the UTR number) and returning it by mail.

However, at the current time this has been extended to 12 months due to the impact of COVID-19.

COMPANY BANK ACCOUNT

It is not a legal requirement for a limited company to open a business bank account. However, this is recommended so that as a separate legal entity, the company’s financial affairs are handled from a dedicated bank account.

121 Company Formation works with various financial institutions that provide a vast array of company bank account services to help your company get off to a flying start.

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

The application for and approval of a new business banking account is entirely at the discretion of the financial institution, and subject to their own eligibility criteria.

Unfortunately, currently we do not offer company bank accounts for non-UK resident customers.

YEAR-END ACCOUNTS

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

121 Company Formation has 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. We also submit the company accounts along with all associated documents which includes:

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