Thinking of setting up a limited company? Taxlab helps new businesses across Bathgate, West Lothian and Scotland form their company correctly and get set up for tax from day one. We guide you through Companies House, HMRC and business banking, so you can focus on getting your business off the ground.
Is a limited company right for you?
A limited company is a separate legal entity from the people who own it. The main benefits are:
- limited liability: shareholders are usually responsible for company debts only up to the value of their investment
- tax planning: profits are taxed through Corporation Tax, and you can take income as a mix of salary and dividends
- credibility: some clients and contractors prefer, or require, a limited company
- raising finance: you can bring in investors by issuing shares
There is more administration than as a sole trader, including annual accounts, a Corporation Tax return and a confirmation statement, and some of your information appears on the public register. We will help you weigh up the options for your situation.
What you need to form a company
According to GOV.UK, you will need:
- a company name that is not the same as an existing one, usually ending in “Limited” or “Ltd”
- at least one director aged 16 or over, with a service address that will appear on the public register
- at least one shareholder, who can also be the director
- a registered office address: a physical, “appropriate” address in the same UK country as the company is registered, so a Scottish company needs a Scottish address. You can no longer use a PO Box.
- a registered email address, which Companies House will use to contact you but will not publish
- details of people with significant control (PSCs), such as anyone holding more than 25% of the shares or voting rights
- memorandum and articles of association: standard model articles are created automatically if you register online
Identity verification is now required
Since 18 November 2025, identity verification has been a legal requirement for directors and people with significant control. You verify once, free of charge, using the Companies House service (through GOV.UK One Login) or through an authorised agent such as an accountant, and receive a Companies House personal code, which you may need when registering a company. Do not post or email identity documents to Companies House. See verifying your identity for Companies House.
Costs and timescales
Registering online with Companies House costs £100, paid by debit or credit card, and a company is usually registered within 24 hours. You receive a certificate of incorporation showing the company number and date of formation (GOV.UK).
After your company is formed
- Corporation Tax: you are usually set up for Corporation Tax when you register. Tell HMRC when the company starts doing business.
- PAYE: register as an employer if you will pay any salary, including to yourself as the only director.
- VAT: register if your taxable turnover goes over the VAT threshold, or voluntarily if it suits you.
- Business bank account: keep company money separate from your own.
- Bookkeeping: set up cloud accounting software such as Xero or FreeAgent from the start.
- Annual filing: accounts and a confirmation statement at Companies House, and a Company Tax Return to HMRC.
Business banking with Tide
Taxlab works with Tide, which lets you register a limited company and open a business account in one go. Tide is not a bank: its accounts are e-money accounts, with current and savings accounts powered by ClearBank. Check Tide’s website for current fees and terms.
How Taxlab helps
- advice on whether a limited company suits you, compared with being a sole trader
- company formation, share structure and choosing your year end
- HMRC registrations for Corporation Tax, PAYE and VAT
- cloud bookkeeping set-up in Xero or FreeAgent
- salary and dividend planning for directors
- ongoing accounts, tax returns and Companies House filings
See also our business start-up and contractor services.
Frequently asked questions
How long does it take to set up a limited company?
Online registrations are usually completed within 24 hours, once identity verification is done.
Do I need a company secretary?
No. Private limited companies do not need one, although you can appoint one if you wish.
Can I use my home address?
You can use your home as the registered office if it meets the rules, but it will appear on the public register. Many directors use a service address instead.
Get started
Talk to Taxlab about forming your company. Contact us, call 0845 862 6009 or message us on WhatsApp.
This page gives general information only and does not constitute professional advice. Checked against GOV.UK and Companies House guidance in October 2026.