MIGRATION TO A COMPANY



These are the various steps you need to take moving from a sole trade or partnership into a corporate entity (be it limited or unlimited)

1.    Set up Company: this can be done through this office.

2.    Set up PAYE scheme: this can be done through this office.

3.    Cancel Class 2 NI Contribution: this is either from the date of transfer to corporate entity OR 6 April following – you need to discuss this with us.

4.    Preferably set up Company bank account – if you already have a clearly defined business account this is not quite so necessary.

5.    Amend headed paper:  Ensure you include Company name and number, the statement “registered in England & Wales”, trading address and registered address if different.  If you want to put in the details of any directors, then you are obliged to show the names of all directors.

6.    If already running a PAYE scheme you need to issue P45s for all staff dated the day you transfer across.  Do not give these to staff but mail the relevant page directly to your (old) tax office.  Use the details on part 1a as the beginning point on your new PAYE scheme as if the employees were joining from another business.

7.    Issue new Contracts of Employment to all employees.  Make sure that they show the date employment commenced as the date you start trading as a company but also show a date of commencement of continuing employment being the date they first started working for you in your sole trade or partnership.

8.    Advise your business insurers that you are now trading as a company.

9.    Advise any bodies with whom you are registered that you are now trading as a company.

10.    You will receive a CT41G from HM Revenue & Customs.  You must ensure this is completed and returned within 30 days. Many of our clients sign it and forward it to us for completion.

11.    Set up PAYE year-end filing on-line: this can be done through this office.

12.    Set up for filing your Annual Return with Companies House on-line: this can be done through this office.

13.    Ensure that you have set up an appropriate book-keeping system.