First Steps

Q. What are the first steps I need to take to set up a business in the UK?

A. Our quick checklist for initial steps on setting up a business include:

• Check name is available
• Choose structure of company
• Incorporate company through Companies House
• Register UK address for company
• Draw up a shareholders’ agreement. This will cover what happens to the business and individuals in a variety of circumstances.
• Insurance

In your first year, you will need to make sure you have the following covered:

• Bookkeeping and management accounts
• Statutory accounts
• VAT registration (if applicable)
• Corporation tax
• Personal tax

When employing your team, you need to make sure you have the following covered:

• Employment contracts
• Payroll
• TUPE
• Employee benefits
• Pensions under auto–enrolment regime