New Limited Company Finance Checklist
A focused tick-list of the money-related things every UK limited company should sort in the first 90 days — the period when missed admin turns into HMRC letters.
Within 3 months of starting to trade, a new UK limited company must: tell HMRC it's active (registers for Corporation Tax), open a business bank account in the company name, set up bookkeeping, register for PAYE if running payroll, check the VAT threshold, and start putting money aside for the first Corporation Tax bill. Most of this can be done in a few hours spread across the first month.
Week 1: foundations
Get the essentials in place
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Month 1: registrations and tax
HMRC and company set-up
0/7 · 0%You're considered to be trading once you start any business activity — earning income, buying stock, advertising. That's the date that starts the Corporation Tax clock, not the incorporation date if they're different.
Months 2–3: routines that compound
Habits worth locking in early
0/10 · 0%Key deadlines to know
- Corporation Tax registration: within 3 months of starting to trade
- Confirmation Statement: due annually on the anniversary of incorporation
- First annual accounts: due to Companies House 21 months after incorporation
- Subsequent annual accounts: 9 months after the accounting period end
- Corporation Tax payment: 9 months and 1 day after the accounting period end
- Corporation Tax return (CT600): 12 months after the accounting period end
- VAT returns: usually quarterly, due 1 month and 7 days after quarter end
- PAYE submissions: on or before each pay date (RTI)
Five things directors regularly miss
- Director's loan account discipline. Personal spending on the company card creates a director's loan — overdrawn loans over £10,000 trigger tax consequences.
- Dividend paperwork. Each dividend needs a board minute and a dividend voucher. Backfilling at year-end is risky.
- Updating Companies House when things change. New directors, address changes, PSC changes — all must be filed promptly.
- Saving for the first Corporation Tax bill. It's not due until 9 months after year-end, so it feels far away. Start a Tax pot from day one.
- Personal credit footprint of company applications. Most business credit and account applications hit your personal file — apply selectively.
Frequently asked questions
Not legally. But for limited companies, an accountant usually pays for themselves in tax planning (salary/dividend mix, allowances, claims) and time saved on filings. Most charge a fixed monthly fee for small companies.
Strongly discouraged. A limited company is a separate legal entity; mixing money triggers director's loan complications and makes bookkeeping painful. Open a business account before you take your first payment.
HMRC may issue a penalty for failure to notify. Register as soon as you realise and explain the delay. Don't ignore it.
A common rule of thumb: 25–30% of profit set aside for Corporation Tax. If you'll also take dividends, save an additional 8–34% of dividend value depending on your personal tax band. Get specific advice for your circumstances.
Related guides
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Information on this page is general guidance for UK small businesses and is not financial, tax or legal advice. Tax rules, allowances and product terms change. Always check current information with HMRC, Companies House or a qualified professional before making decisions.