I've Just Set Up a Limited Company — Now What?
Congratulations on incorporating your business. Here's a practical checklist to make sure you get the important things right from day one.
Setting up a limited company is a big step — but incorporation is just the beginning. There are several things you need to do in those first few weeks to protect yourself, stay compliant, and set your business up for long-term success.
This checklist walks you through the essentials, from keeping your home address private to choosing the right bookkeeping software. If you're based in Essex, our Brentwood accounting team can handle all of this for you.
1. Protect Your Home Address
When you incorporate a limited company, your registered office address is publicly visible on Companies House. If you used your home address, anyone can look it up. Consider switching to a registered office service to keep your personal address private and maintain a professional image.
2. Open a Business Bank Account
A limited company is a separate legal entity, so you need a dedicated business bank account. This keeps your personal and business finances apart, makes bookkeeping simpler, and is essential for paying yourself a salary or dividends. Most high-street and online banks offer business accounts — compare fees, features, and integration with accounting software before you commit.
3. Get an Accountant from Day One
An accountant isn't just for filing your annual accounts. Engaging one early means you'll set up payroll, corporation tax, and VAT correctly from the start, choose the most tax-efficient salary and dividend split, and avoid penalties from missed deadlines. The cost of professional advice almost always pays for itself in tax savings and peace of mind.
4. Set Up Cloud Bookkeeping Software
Good bookkeeping software is the backbone of a well-run limited company. It lets you raise and track invoices, chase outstanding customer payments, store purchase invoices and receipts, reconcile bank transactions, and generate reports — all in one place. We recommend Xero or FreeAgent for UK limited companies. Both are Making Tax Digital compliant and integrate seamlessly with your bank. Get in touch if you'd like help getting set up.
5. Arrange Business Insurance
Depending on your industry, you may need employers' liability insurance (a legal requirement if you employ anyone), professional indemnity insurance, public liability insurance, or cyber liability cover. Even if it's just you in the business right now, professional indemnity and public liability are well worth considering to protect against claims.
6. Store Your Tax References Securely
Over the first few weeks you'll receive several important reference numbers from HMRC and Companies House. Keep them somewhere safe and accessible — you'll need them regularly. Key references to store include your Corporation Tax UTR, PAYE employer reference (if running payroll), VAT registration number (if VAT registered), Companies House authentication code, and your personal Companies House verification code.
Our Essex Clients Get All This Done for Them
When you sign up with In Front Accounting, we take care of every item on this checklist. We'll register you for corporation tax, set up your payroll, recommend and configure your bookkeeping software, and securely store all your tax references in your personal client portal — so everything is in one place whenever you need it. See what's included in our limited company accounting service.
Key Takeaways
- Use a registered office service to keep your home address off the public register
- Open a dedicated business bank account as soon as possible
- Engage an accountant early to get payroll, tax, and dividends right from day one
- Set up Xero or FreeAgent for invoicing, expenses, and bank reconciliation
- Arrange appropriate business insurance — employers' liability is a legal requirement if you have staff
- Store your UTR, PAYE, VAT, and Companies House codes somewhere secure and accessible
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Common Questions
Do I need an accountant for a new limited company?
While it's not a legal requirement, working with an accountant from day one helps you set up payroll, VAT, and corporation tax correctly — avoiding costly mistakes and ensuring you're tax-efficient from the start.
What bookkeeping software should I use for my limited company?
We recommend Xero or FreeAgent for UK limited companies. Both integrate with your bank, handle invoicing and expenses, and make submitting VAT returns straightforward. Get in touch and we'll help you get set up.
Do I need to register for VAT straight away?
You must register for VAT if your taxable turnover exceeds £90,000 in any 12-month period. You can also register voluntarily, which may benefit your business if you deal mainly with VAT-registered customers.
What insurance does a limited company need?
At a minimum, you'll need employers' liability insurance if you have staff. Professional indemnity, public liability, and cyber insurance are also worth considering depending on your industry.
Where should I store my company's tax references?
Keep your UTR, PAYE reference, VAT number, Companies House authentication code, and personal verification code in a secure, accessible place. Our clients store these in our portal so they're always to hand.