1. You need to register your Ltd company.
You can do it by yourself here: https://golimited.co
Initially you’ll pay £13 (to cover the fee from Companies House) but when you sign up with Crunch (within 40 days) you get a refund automatically. I recommend doing it there as it’s very simple. You can preview names and just go until the last step of the form to check what you have to answer and if you are not sure about something you just don’t finish the process or registration.
2. You need to have a business account
To run a Ltd company you must have a business account open. If you don’t have one already I recommend doing as soon as possible as it can take up to 2 weeks to set up. NatWest offer a business account which is free for the first two years. Already having a personal account made it quick for me to set up. Their iPhone app supports adding in a business account making easy to transfer money and check your statements on the fly.
3. Sign up with Crunch Accountancy for accountancy services (invoice, expense, advices, etc)
It’s one of best systems out there: http://www.crunch.co.uk
To sign up with them, just give them a call and they’ll guide you through the process, it’s very quick and simple. You’ll have that done in a day or two. Make sure you give them my name and my referral code (sd18783s) so we both will get a bonus £25 voucher from Amazon each!
You should ask them to put you under the Advertising Flat Rate VAT scheme, so you will only pay 11%. You will be able to charge 20% more in your invoices to collect VAT for the government. Crunch employ will assign you an Account Manager to handle your questions and basic account management but you’ll also have access to their accountants should you have a more technical question.
4. Reconcile your Business Account
By linking your business account to their online system, you can view your expenses and income to quickly match payments. You can do this through their BankBolt service (you fill out a form which is sent to your bank0 then every Tuesday and Friday your accounts will synch.
Alternatively you can manually upload an Excel spreadsheet of your bank account activities and synch it that way.
5. Immerse your self into the Ltd world It took a while to understand a bit how does it work a few things and still on the process of learning…but I’m definitely happy with Ltd and I think it’s the best way to make more of the money you get.
5. Immerse your self into the Ltd world
It took a while to understand a bit how does it work a few things and still on the process of learning…but I’m definitely happy with Ltd and I think it’s the best way to make more of the money you get.