I’ve Just Set Up a Limited Company - What Do I Need to Do Next?

Chrissy Leach • 11 August 2025

So, you've set up a limited company - congratulations! 🎉

Whether you're a small business owner, content creator, consultant or landlord, this is a big step in your business journey. But what happens after Companies House sends you that confirmation email?

Here’s a practical checklist of what to do after setting up a limited company in the UK, so you stay compliant, organised, and ready to grow.

1. Open a Business Bank Account

Even if you're the only person in the business, you must keep your company finances separate from your personal ones. The company is a separate legal entity.

✔️ Choose a bank or online provider

✔️ Register the account in the company’s name

✔️ Don’t use your personal account for business transactions

💡 Why this matters: Using a personal account can cause confusion with tax, accounting, and even trigger unexpected tax charges.

2. Set up an online HMRC account

HMRC will automatically register your company for corporation tax from the information provided to Companies House. You should create a Government Gateway account to manage your company’s tax affairs online. This lets you:

Register for other taxes (like PAYE or VAT)
Appoint an accountant or tax agent
View your company’s tax position and deadlines

To do this:

Search “HMRC login” (check you're on a GOV.UK website)
Click “Sign in” and then “Create sign in details”
Use your company UTR (Unique Taxpayer Reference), which will be posted to your registered address shortly after you form the company

3. Understand Your Responsibilities as a Director

As a company director, you have legal responsibilities - even if you’re the only person involved in the business. You're responsible for:

Filing accounts and a confirmation statement every year
Keeping the company details on Companies House up to date
Paying the correct taxes on time
Keeping accurate company records
Making sure the company is solvent

It’s not as scary as it sounds - but you can’t ignore it. If you don’t meet your obligations, penalties apply.

4. Choose an Accounting Method

You need to keep track of:

Sales and income
Business expenses and receipts
VAT (if registered)
Payroll (if you pay yourself a salary)
Dividends (if you take profits out)

Using a cloud bookkeeping system like Xero, FreeAgent, or QuickBooks makes things easier. Or speak to an accountant (like us!) who can handle it for you.

5. Register for PAYE (If You’re Paying Yourself a Salary)

It's often a good idea to pay yourself a salary via payroll (see our previous blog here) and top up your earnings with dividends.

To pay yourself a salary, you need to register as an employer with HMRC - even if you’re only employing yourself.

You’ll also need to run payroll each payday and submit reports to HMRC under Real Time Information (RTI).

You’ll also need to:

Run payroll each payday
Submit Real Time Information (RTI) reports to HMRC
Issue payslips and deduct the correct tax and National Insurance

💡 Speak to your accountant to make sure your salary/dividend split is tax-efficient and compliant with RTI rules.

6. Consider VAT Registration

You must register for VAT if your taxable turnover exceeds £90,000 in any 12-month period. But even if you're below the threshold, it might still be worth it: