WHERE LOCAL BUSINESS GROWS

Set Up a Private Limited Company

Find out how to set up a Private Limited Company to run your business, including registering the company, appointing directors and company secretaries and issuing your first shares.


Overview
 

Setting up
You can run your business as a private limited company. This means the company:

  • is legally separate from the people who run it
  • has separate finances from your personal ones
  • can keep any profits it makes after paying tax
What you’ll need to do
To set up a private limited company you need to register with Companies House. This is known as ‘incorporation’.

You’ll need:
  • a suitable company name
  • an address for the company
  • at least one director
  • details of the company’s shares - you need at least one shareholder
  • to check what your SIC code is - this identifies what your company does
You’ll also need:
  • shareholders to agree to create the company and the written rules (known as ‘memorandum and articles of association’)
  • details of people with significant control (PSC) over your company, for example anyone with more than 25% shares or voting rights
Once you have these details, you can register your company.

Company address
 

Your registered office address is where official communications will be sent, eg letters from Companies House and HM Revenue and Customs (HMRC).

The address must be:

  • a physical address
  • in the same country that your company is registered in, eg a company registered in Scotland must have a registered address in Scotland

You can use a PO Box but must include a physical address and postcode after the PO Box number.

You can use your home address or the address of the person who will manage your Corporation Tax if these addresses meet the rules above.

Your company address will be publicly available on the register.

Appoint directors and company secretaries
 

Your company must have at least one director. Directors are legally responsible for running the company and making sure company accounts and reports are done properly.

A director must be 16 or over and not be disqualified from being a director.

Another company can be a director, but at least one of your company’s directors must be a person.

Directors’ names and addresses are publicly available from Companies House. You can stop your address from appearing on the register if you or your family are at risk of abuse or harm because of your company’s work.

Company secretaries

You don’t need a company secretary for a private limited company. Some companies use them to take on some of the director’s responsibilities.

The company secretary can be a director but can’t be:

  • the company’s auditor
  • an ‘undischarged bankrupt’ - unless they have permission from the court

The restrictions placed on a person when they’re made bankrupt usually end when they’re free from their debts (known as ‘discharged’). You can check if someone has been discharged using the Insolvency Register.

Even if you have a company secretary, the directors are legally responsible for the company.

Shares and shareholders
 

Shares and shareholders
Most limited companies are ‘limited by shares’. This means they’re owned by shareholders, who have certain rights. For example, directors may need shareholders to vote and agree changes to the company.

Most companies have ‘ordinary’ shares. This means directors get one vote on company decisions per share and receive dividend payments.

Work out your shares
A company limited by shares must have at least one shareholder, who can be a director. If you’re the only shareholder, you’ll own 100% of the company. There’s no maximum number of shareholders.

The price of an individual share can be any value. Shareholders will need to pay for their shares in full if the company has to shut down. You can choose a low share value (for example, £1) to limit the shareholders’ liability to a reasonable amount.

Issuing your initial shares

When you register a company you’ll need to make a ‘statement of capital’. This includes:

  • the number of shares of each type the company has and their total value - known as the company’s ‘share capital’
  • the names and addresses of all shareholders - known as ‘subscribers’ or ‘members’
Example

A company that issues 500 shares at £1 each has a share capital of £500.

Prescribed particulars

Your statement of capital also contains information about shares known as ‘prescribed particulars’.

Your prescribed particulars say what rights each type (known as ‘class’) of share gives the shareholder, and must include:

  • what share of dividends they get
  • whether they can exchange (‘redeem’) their shares for money
  • whether they can vote on certain company matters
  • how many votes they get

Memorandum and articles of association
 

When you register your company you need:

  • a ‘memorandum of association’ - a legal statement signed by all initial shareholders agreeing to form the company
  • ‘articles of association’ - written rules about running the company agreed by the shareholders, directors and the company secretary

Memorandum of association

The exact wording of the statement can’t be changed. Use a memorandum of association template to make sure your document is valid.

Articles of association

Most companies use standard articles (known as ‘model articles’). You can download model articles for a company limited by shares or a company limited by guarantee.

You can write your own articles but if you do, you can’t register your company online.

Community interest companies

You can’t use limited company model articles if you’re setting up a community interest company (CIC).

Use the CIC regulator’s model constitutions instead.

Register for Corporation Tax
 

After you’ve registered your company with Companies House, you’ll need to register it for Corporation Tax.

When to register

Register for tax within 3 months of starting to do business. ‘Doing business’ includes buying, selling, employing someone, advertising, renting a property or certain other activities.

You may get a penalty if you register late.

How to register

You’ll first need your company’s 10-digit Unique Taxpayer Reference (UTR). This is posted to your company address by HM Revenue and Customs (HMRC), usually within a few days of the company being registered with Companies House (incorporated).

You then register for Corporation Tax online.

Information you’ll need

When registering, you’ll need to tell HMRC:

  • your company’s registration number
  • the date you started to do business (your company’s first accounting period will start date from this date)
  • the date your annual accounts are made up to

What happens next

Once you’ve registered for Corporation Tax, you’ll be able to sign in and report it in your Company Tax Return.

HMRC will also tell you the deadline for paying Corporation Tax.

If you didn’t get a UTR

Call the helpline if you didn’t get a UTR after registering your company. HMRC will send you it by post - they can’t tell you it over the phone.

Finding your UTR in future

Your 10-digit UTR will be on all letters from HMRC and within online services (in the top-right corner after you sign in). You need it:

  • if you contact HMRC about Corporation Tax
  • to send your Company Tax Return using commercial software

Advertisements
Did you know...
The UK's largest organisation promoting the interests of the self-employed and small business owners.

News

21 results found, page 1 of 3.  
34 jobs saved as popular Charcuterie and Bar enters administration

Tuesday 14 August 2018

Renowned Specialist Bar and Brasserie, Friends of Ham, with premises in Central Leeds and Ilkley entered Administration on the 7th of August 2018 when Charles Brook and Michelle Chatterton of Poppleton & Appleby, Huddersfield office were appointed Joint Administrators by the Company’s directors. Trading in New Station Street, Leeds since 2012, the business introduced a novel and popular experience for its clientele, specialising in charcuterie, cheese and craft wines and beers. The original business in Leeds has remained very popular with loyal and new clientele but the business in Ilkley took longer to establish itself. Meanwhile, the companion business of Ham & Friends, operated through a separate company, didn’t flourish and was latterly re-launched as a drinking venue trading as Lucky No. 7. After in-depth reviews, the directors reluctantly concluded that a sale of the businesses, as a going concern, should be pursued urgently with a view to saving jobs and improving the outcome for creditors. Friends of Ham Limited which was the company running the businesses trading from New Station Street, Leeds and Ilkley, entered Administration on Tuesday the 7th of August 2018 whereupon an immediate sale was concluded with a local independent buyer, Glentrool, who have 25 years’ experience within the corporate sector and drinks industry. Ham & Friends Limited, which ran the premises trading from Merrion Street, Leeds ceased trading on the 5th of August 2018. Charles Brook Partner of Poppleton & Appleby said: “In a highly competitive market the cost of managing the development of the Ilkley and Merrion Street businesses placed significant strain on the combined financial resources of the two companies. Although the original business was resilient, cash flow suffered and the companies came under increasing pressure to maintain payments to their creditors. The directors took advice and it was initially hoped that a CVA might be proposed to and agreed by creditors; however, even as those proposals were distributed, it became apparent that the protracted UK heatwave had caused a significant short-term reduction in footfall within the Leeds City Centre and especially at the flagship premises which didn’t have the benefit of an outdoor area for its clients.” Katie Pannu of purchasers, Glentrool said: “We are delighted to be investing in such a unique and vibrant business and want to confirm that all of the remaining employees from each of the locations have been retained.   Friends of Ham has been meticulously developed by Anthony and Claire Kitching over the past 5 years as the go to destination for the craft beer and food lovers of Leeds. It is a fantastic concept in great locations with loyal customers. Our investment ensures the future of Friends of Ham and we look forward to working with Anthony and Claire”. The Joint Administrators were represented by Peter Harling a Partner at Chadwick Lawrence LLP Solicitors in Leeds. Marketing and valuation support was provided by Daniel Hey of Walker Singleton, Chartered Surveyors. Glentrool were represented by Matthew Thompson and Dahren Naidoo of Freeths Legal Services.
Posted by Poppleton & Appleby Northern
It’s good to talk - when a business venture hits financial trouble

Thursday 26 July 2018

We recently received an urgent referral asking if we could help a business venture that was heading for the rocks, having run into serious financial difficulties. It was a high-profile hospitality sector project which was eagerly awaited, so there was much speculation building up about why there was no sign of it opening, more than a year after it was originally promised. Far from being an ill-thought-out scheme, it was part of a very credible expansion plan by a successful entrepreneur. The problems that arose were, on the face of it, no fault of his own. It wasn’t until things reached crisis point with negative rumours being discussed online, that the business owner decided to speak out publicly about the situation. When our contact raised the alarm, we quickly set the ball rolling, knowing there’s nearly always a way to source funding that will salvage a viable proposition. Very sadly in this case, “too late was the cry”. The landlord of the premises had reportedly terminated the lease and called time on the venture. No-one likes to dwell on a negative, but this was not an isolated case and we feel there’s a lesson to be learned. The moral of the story is that “it’s good to talk” in many cases where we’d really rather not; about our health problems both physical and mental, and about the ill-health of our business and finances too. The time to speak up is when there’s still chance for someone to step in and save the day. This entrepreneur already had a successful business, so maybe asset finance, borrowing money against existing property, would have sustained the new venture to fruition. With a venue poised to open, invoice finance might have been appropriate, lending against future payments owed to the existing business. A bridging loan could tide things over until the new venture is off the ground. An experienced commercial finance broker, like ABL Business, will carefully assess the situation and put together an appropriate tailored package. We have access to over 120 funders, including many alternative lenders who are much less risk-averse than traditional banks. Alternatively, we may have been able to connect the entrepreneur with potential investors or venture capitalists through our partnership with the “dealmaker” Business Catalyst Club. Unfortunately, there’s still a huge taboo around airing our financial woes in public. Understandably no-one wants to admit to themselves and others that a venture or a business is in trouble. But, just like with our health problems, there’s no shame in asking for help. An expert with a different perspective may be able to turn the situation round or, at worst, help you protect your personal assets from the impact of a business failure. So, in conclusion PLEASE DO “talk to a human” before it’s too late. You can always call us for a confidential chat on 01274 965356
Posted by ABL Business Ltd
“Cheers!” as funding package makes pub dream come true

Thursday 26 July 2018

Commercial finance brokers ABL Business have been raising a glass with licensee Janice Atkinson after helping her to realise her dream of owning her own pub. Janice had run the popular gastro pub, just outside Manchester, for several years when the opportunity arose to buy the premises. ABL’s joint Managing Director Alex Beardsley, Commercial Finance Executive Luke Rodgers and their team worked with Janice to secure a cash injection which she has used for the purchase and refurbishment of the pub. Janice was first introduced to ABL towards the end of 2017 when she was looking for some expert advice on how to get the finance to cover the full cost of buying the pub. After gathering all the necessary information from Janice and gaining an understanding of her and her business, it was decided that her best option would be a 100% purchase price mortgage from Barclays. That meant that the full purchase price was covered without Janice needing to find a deposit. Like many commercial properties, the pub purchase was liable for VAT on top of the asking price, so there was also a specialist VAT Bridge loan put in place to cover this expense. Many commercial property sales are exempt from VAT but people have to pay it upfront then claim it back. The VAT Bridge loan covers this expense until the client is in a position to reclaim the payment and clear the outstanding debt. Once she’d bought the pub, Janice came back to ABL Business at the beginning of this year, seeking help to source an additional loan to cover the cost of a refurbishment. Alex Beardsley said: “As we’d already built up a relationship with Janice it was easier for us to understand her needs and work out what the best course of action would be. At this stage it was decided that an unsecured business loan from alternative funder RateSetter would work best for her and the pub. “An unsecured business loan is easier for small businesses to obtain, as they don’t have to come up with collateral - so Janice did not have to secure the repayments against her property.” The newly refurbished pub is now up and running, serving great food in a beautifully-refurbished restaurant area upstairs and putting on popular evening events for customers. In this case, the ABL team were particularly delighted to join their satisfied customer for a celebration drink. Alex added: “We’re delighted to see the project come to fruition and wish Janice and her lovely pub every success for the future.” Janice says: “It’s been a pleasure to work with ABL Business Ltd to get the funding I needed to be able to purchase the pub and to do the refurbishment. If any businesses are looking for finance, be sure to speak to ABL”. • Should you have any funding requirements; whether for development or business growth, the team at ABL Business will work with you to structure a finance package that suits the needs of your business. Find out more at www.abl-business.co.uk, call 01274 965356 or email info@abl-business.co.uk .
Posted by ABL Business Ltd
Sheards Smash Fundraising Target

Monday 16 July 2018

Over the last 18 months, Sheards have carried out a range of activities such as various business events, quiz nights and seasonal dinner’s in order to raise money for their chosen charity of the year, Kirkwood Hospice. Their events over the past 18 months have raised an impressive total of £13,283 which is a record fundraising total for Sheards since they started forming charity partnerships. Sheards were originally hoping to raise £5,400 for the hospice so that they could purchase a pressure relief mattress- a piece of equipment to prevent patients from developing pressure sores. But having smashed their fundraising total, the Hospice can now spend the money on further equipment vital for the Hospice and its patients. Kevin Winterburn, Director of Sheards Accountancy commented: We are thrilled to have raised such a significant amount for such an outstanding charity. We would like to thank every single business and individual who has come and supported our events as you are the reason we have been able to end the year with such a high total for Kirkwood Hospice. Kate Leadbeater from Kirkwood Hospice said ‘We would like to wholeheartedly thank Carolyn, Kevin and the whole Sheards team for all their time, effort, support and a truly amazing year! All funds raised will purchase mattresses for our in-patient unit ensuring the comfort and safety of our patients and for this, we are truly grateful.
Posted by KC Communications
Funding deal gets business buy-outs off to a flying start

Wednesday 20 June 2018

A funding deal put together by ABL Business has enabled Ignite Capital to purchase the first investment in a portfolio, by acquiring Bristol-based manufacturer and wholesaler Albert E James & Son Ltd. Corporate finance brokers ABL Business, based in Cleckheaton, structured a full asset based lending package from funder IGF group to support the seven figure purchase of the company. Established in 1962, Albert E James & Son manufactures and markets bird feeds that have been developed to match the nutritional requirements of particular birds and breeds. The range includes corn feed that has been designed to optimise the performance of racing pigeons. The company operates under two brands, Country Wide and Willsbridge Leeds-based Ignite Capital was formed in 2017 by managing director Paul Thompson. A corporate finance boutique, it offers a range of services relating to the sale and purchase of businesses and is currently in the process of developing its own portfolio through the acquisition of a handful of UK SMEs. Management buy-in candidate Joe Mogg invested alongside Ignite as part of the transaction and is now responsible for the day-to-day running of the specialist bird feed manufacturer as managing director. Joint Managing Director of ABL Business Andy Redman said: “Albert E James & Son is a successful business with much potential for the future, so we were delighted to be able to support Ignite Capital to complete the purchase, ensuring that it can now go on to be developed to even greater heights." “This is an excellent example of how we get to know our clients’ businesses and provide the appropriate funding, chosen from a broad range of options, then tailored to suit their specific needs. We felt that an asset based lending package was most suitable in this case as it is a very flexible funding arrangement. It enables a business to raise the large amount of capital required to purchase a high-value company by securing the loan against a variety of different assets that they already own.” Managing Director of Ignite Capital, Paul Thompson said: “ABL Business were quick to recognise the potential of the business and were able to identify a selection of potential funders to support the transaction. Now the acquisition is complete, we look forward to developing and growing the business."
Posted by ABL Business Ltd
New partnership to fund entrepreneurial visions

Tuesday 24 April 2018

A new partnership has been formed to provide commercial finance to entrepreneurs who want to launch or grow businesses across the Yorkshire region. The recently-launched Business Catalyst Club has agreed a deal with commercial finance brokers ABL Business to create Business Catalyst Finance. The partnership will complement the equity and venture capital activities of the Business Catalyst Club by providing access to a broad range of funding options such as commercial property finance, business loans and venture capital along with alternative finance opportunities like asset-based lending and peer-to-peer lending. The “dealmaker” Business Catalyst Club was recently launched to promote business growth by creating beneficial relationships, bringing together entrepreneurs, investors and decision-makers from across the region to share new and exciting opportunities. Their invitation-only quarterly lunches create an effective platform for a select number of ventures seeking capital to showcase their proposals to members and guests – many of whom are business angels, private investors and institutional lenders. Proposals are considered from start-ups to more established trading businesses. The new collaboration with Cleckheaton-based ABL Business follows the organisation’s first event held at Manahatta Greek Street, in Leeds. The partnership has already been called on to feed into a number of projects resulting from the event, including sourcing a business loan for a software company, organising asset finance for a machinery rental company and coming up with a bespoke cashflow package for a facilities management firm. Business Catalyst Club Founder and Director Graham Shiers said: “We had an overwhelming response to the launch – we have hit the ground running and are already helping to bring some imaginative opportunities to fruition. “We now want to add even more value by broadening the way we help entrepreneurs to source funding for their projects alongside our role in facilitating the right commercial and professional introductions. As well as enabling opportunities through Venture Capital, Business Angels and other investors, we can now help people access commercial finance support from over 120 lenders available through our ABL Business partners”. Joint Managing Director of ABL Business, Andy Redman, said: “We were delighted to attend the first Business Catalyst Club lunch which brought together key players from across the region, representing a whole range of sectors. The event attracted entrepreneurs armed with an array of ambitious and imaginative business ideas. “The event was truly inspirational. We were already impressed with what Graham is doing and had felt inspired to get involved on a much deeper level. By joining forces, we will be able to reach out to the Business Catalyst Club’s extensive network of contacts and we’re eager to play our part in turning some great projects into reality”. The next Business Catalyst Club lunch will take place at a chosen venue in Leeds on Thursday, May 17. For further information visit www.businesscatalystclub.co.uk
Posted by ABL Business Ltd
Interested in Finding Out What Business Banking Can Do To Help Grow & Develop Your Business

Thursday 12 April 2018

On the 25th April 2018 Matt Caie, who is Barclays Business Manager in Huddersfield, will be with us in the 3M Buckley Innovation Centre on Firth Street, Huddersfield. Matt specialises in Business Banking, seeking to help grow and develop businesses through regular contact and advice and assisting companies in overcoming the challenges faced in meeting goals. Why not pop along to our Business Engagement Centre between 1pm and 4pm to have a chat and get some no obligation, business banking advice for your company! Look out for future dates/times that Barclays and other Business Support Specialists are with us and remember, the Business Engagement Centre is open Monday to Friday 9am to 5pm to help address the bespoke needs of your business and to provide no obligation, impartial advice and solutions or just a general chat about your company and any challenges you face. We look forward to seeing you!
Posted by 3M Buckley Innovation Centre
Accountants branch out to offer end-to-end financial services

Wednesday 07 March 2018

Yorkshire-based Pierrepont Accountants have expanded their business offer by branching out into the commercial finance sector. The long-established company in Holmfirth, near Huddersfield, has traditionally specialised in providing accounting, taxation and payroll services to small businesses, helping them to improve their profitability and grow. The innovative new business arm enables Pierrepont to offer a fully-rounded package of financial services, providing end-to-end support for clients. Additional services will include support in areas like accessing commercial property finance, business loans and venture capital along with alternative finance options such as asset-based lending and peer-to-peer lending. Pierrepont Director Jonathan Hill, a CIMA registered accountant, said: “We’ve always prided ourselves on offering a friendly, personalised service, which builds up a strong relationship of trust. Recently we’ve had a lot of clients who are ready to grow their business asking for advice on how to access the necessary finance. Others have needed help to overcome cashflow problems identified through our forecasting process. “At a time when face-to-face contact is widely being replaced by automated services, we’ve found that many business owners are uncomfortable about sharing their sensitive financial information with numerous, often unfamiliar, organisations. In a nutshell, they prefer to talk to one trusted individual with a single central point of contact. “So, we decided to respond by introducing this additional function into our business mix. This now enables us to accompany our customers along the whole of their journey and allows them to obtain all their financial support in one place. We have expert advisers in place with access to over 120 finance companies available to meet each customer’s individual commercial funding needs.” For further information visit http://pierrepont.accountants/ Caption (Landscape pic) L-R Accountants Dan Smith and Carole Pierpoint, Trainee Accountant Katie Walden, Director Jonathan Hill and Payroll and Pension Administrator Amy Robison.
Posted by ABL Business Ltd
GDPR

Friday 23 February 2018

Our GDPR event March 1st is sold out! However, we do have a waiting list, so if you haven't got a place, please message or call and speak with Lucy 01484 541155
Posted by Sheards Accounts
Kirklees’ Biggest Business Conference Returns

Tuesday 06 February 2018

Following on from the huge success of the 2017 Conference, the Mid Yorkshire Chamber is delighted to be hosting their 2018 Kirklees Business Conference (KBC) at John Smith’s Stadium, Huddersfield on Wednesday 21st March. The free, one-day conference has become an unmissable event in the local business calendar which is dedicated to helping businesses to connect, learn and grow. Attracting over 600 business people and 50 exhibitors, KBC includes a fantastic programme of engaging seminars, a discussion panel, surgery sessions and open networking throughout the day. This year the Mid Yorkshire Chamber is proud to announce an official partnership with Google bringing a Digital Garage to KBC as part of the seminar programme. Running alongside the four seminar sessions, more surgery sessions will also take place following their success last year. Held by local businesses located in the stadium boxes, the surgeries will provide the opportunity for companies to run their own seminars, workshops or one to ones. Rory Bourke, Events & Sponsorship Co-ordinator at the Chamber said: ”Kirklees Business Conference is definitely shaping up to be a day not to be missed. The conference is a fantastic opportunity to raise your profile, make new contacts and learn from other experienced professionals. There are many opportunities for local businesses to get involved through sponsorship, exhibiting or attending as a delegate.” Confirmed conference sponsors and partners include; AD:VENTURE, The John Smith’s Stadium, The Design Mechanics and Social Progress. Delegate tickets are free but registration is essential, significant interest is anticipated therefore early delegate booking via www.kirkleesbusinessconference.co.uk is advised to avoid disappointment. For further information about the conference follow @MYBizConfs and #KirkleesConf on twitter. To find out more about sponsoring or exhibiting at the event please email events@mycci.co.uk or call 01484 483679.
Posted by Mid Yorkshire Chamber of Commerce
21 results found, page 1 of 3.  
Designed by Kirklees Council
Built and powered by Alcium Software
Close cookie policy popup window
This site uses cookies for analysis purposes only. This helps us understand how you and other visitors use our site. To see a complete list of these cookies or to opt out please access our cookie policy page.

You will see this message only once, but you will be able to find more information about our use of cookies or opt out at any time.