Companies House approves your application in 24 hours and sends a certificate of incorporation. What comes next is less dramatic but equally important. Many new directors are surprised by how much needs to happen in the first few weeks — and how quickly compliance obligations begin.
Register with HMRC for Corporation Tax
This must happen within three months of starting to trade. HMRC will not remind you. If you miss the deadline, you'll receive a penalty notice before you've even filed your first return. You'll need your company's Unique Taxpayer Reference (UTR), which HMRC sends to your registered office within a few weeks of incorporation.
Pro tip: If you've registered a virtual office address, make sure post is being forwarded promptly — the UTR letter is easy to miss.
Open a dedicated business bank account
As a limited company, you are a separate legal entity from yourself. Mixing personal and company finances is not just bad practice — it creates genuine legal complexity. Most banks and fintechs now offer business accounts with fast online applications.
- Tide, Starling Business, and Monzo Business offer fast setup with no monthly fee
- Traditional banks (Barclays, HSBC, Lloyds) take longer but offer more services
- Make sure the account accepts Faster Payments and offers a debit card for expenses
Set up accounting software from day one
Starting on spreadsheets and migrating later is painful. Starting on Xero or QuickBooks on day one means your records are clean, MTD-ready, and far easier to hand to an accountant. Most platforms offer a free trial — get it configured before your first transaction.
Understand your filing obligations
As a director, you are personally responsible for ensuring these are filed on time. Ignorance is not a defence with Companies House or HMRC.
- Confirmation Statement — annually, due 14 days after your review period
- Company Accounts — 9 months after your accounting year end
- Corporation Tax Return (CT600) — 12 months after accounting year end, tax paid within 9 months
- VAT Returns — if registered, quarterly
- Self Assessment — directors must file a personal tax return each year
Decide on your salary and dividend strategy
One of the main tax efficiencies of trading through a limited company is the ability to draw a low salary and top up with dividends. The optimal strategy depends on your personal circumstances, other income, and the company's profitability. Get this wrong and you'll either overpay tax or create a PAYE liability. Get advice before you start paying yourself.
Pro tip: The typical approach for owner-directors is a salary at the National Insurance primary threshold (currently £12,570) with dividends above that — but this is not one-size-fits-all.
The first 90 days of a limited company set the tone for everything that follows. Directors who set up correctly — with the right software, the right bank account, and a clear understanding of their obligations — rarely have problems later. Directors who skip these steps spend the next few years catching up.
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