Full next-time company & property process
Use the gates below before a new commitment. Sources were checked on 24 October 2026; recheck current rules before use.
Status: Reusable planning guide prepared and checked on 24 October 2026. This does not confirm incorporation, an IP transfer, a tax election, a filing, a payment or professional approval. Do not present any of those as completed.
These are practical lessons for future work, not a case study containing private project details. General company controls apply across businesses. Property tax classification and disposal rules do not transfer to a software subscription business.
Use this process from purchase planning to the final filing receipts. Record the facts as they happen. Resolve important accounting decisions early, rather than rebuilding the evidence after a sale.
Scope: UK limited company property projects, including Northern Ireland. This is an operating checklist, not a tax opinion or an instruction to change earlier filings. Confirm current rules for each new project.
1 Set up before you commit
- Write a short project brief. Record the property, buying company, planned work, funding, expected income and intended exit. State whether the factual plan is rental investment or development for resale. Keep the dated business plan and supporting correspondence.
- Get the important treatment checked. Ask an accountant with property experience to review the facts, accounting basis and investment or trading treatment before purchase. Do not choose the label to obtain a preferred tax result. Ask about purchase taxes, VAT, construction obligations and other property taxes where relevant. Use a solicitor for contract and title matters. [1]
- Separate the money. Use the company bank account. Record each director’s loan, repayment and any interest terms separately from trading income. Keep the share register, share rights, funding agreements and ownership records current. [2]
- Create one project folder. Use sections for the project brief, purchase, work and receipts, letting or sale, ledger, and accounts and filings. Keep originals unchanged. Give each transaction an ID and link its evidence to one master ledger. Archive replaced versions rather than overwriting history.
- Set the diary and responsibilities. Record the company year end, each HMRC accounting period, payment dates and filing dates. Confirm first year or shortened period exceptions. Name the person who prepares, reviews, approves and submits each item. [3]
Gate A Before purchase
Proceed only when the buyer, purpose, funding and important treatment questions are clear. If facts are uncertain, record the question and get advice before committing. A spreadsheet label is not evidence of intention.
The owner owns decisions and approvals. The assistant can organise evidence, reconcile records and prepare questions. The accountant or specialist advises on technical judgments. The director remains responsible for approved accounts and filings.
Apply the company habits to SiteTick
If you decide to incorporate SiteTick, reuse separate banking, one ledger, evidence capture, monthly reconciliation, tax reserves and approval gates. Do not carry across property tax classifications.
Before launch as a limited company: agree ownership and share rights; check who owns the code, brand and other intellectual property; obtain advice before any transfer. Confirm the contracting company, customer terms, supplier subscriptions and payment accounts. Set up revenue, refund and expense records, director pay, filing dates and privacy controls. Review VAT and payroll duties with an accountant. Incorporation, transfers, tax choices and payments each need a separate decision. [9]
Keep evidence while the work happens
2 Record each transaction once
- Save the evidence promptly. Keep the receipt or supplier invoice and bank reference. Record merchant, date, amount, project, purpose and exact location of the work or item. Split mixed purchases and exclude private items.
- Describe what actually happened. Identify installed items, consumables, reusable tools and furnishings separately. State whether work replaced, repaired or added something. Save before and after photos and the scope of material work. A shop name or a label such as “carpet” does not settle the tax treatment.
- Record builder payments honestly. Request a genuine invoice or payment acknowledgment from the builder. Keep messages, scope, dates, payment proof and photos. If paperwork is missing, write a dated factual note and flag the gap. Never create a document that pretends to be the builder’s invoice.
- Keep dates and status separate. Record invoice or work date, accounting period, payment date, paid status and any outstanding balance. Link payment to the original entry. An accrued cost already recorded must not become a second expense when paid.
3 Use a small regular routine
Weekly suggestion: allow about 15 minutes to capture evidence, match payments and list missing items. Monthly suggestion: allow about 30 minutes to reconcile every bank account, loan and unpaid balance. These are starting budgets, not time guarantees.
Update the project forecast and company profit estimate monthly. Keep cash for bills, debt and a reviewed tax reserve. Bank cash is not profit, and profit is not automatically available for dividends. Use the applicable tax rates and company facts, not a fixed percentage copied from an earlier project. [4]
Keep one open questions list. Batch routine questions for review. Escalate a material uncertainty before it affects a contract, tax payment or distribution.
Control changes and close the project
4 Record the important dates
- Record readiness and use. Keep the date the property became ready to let or sell, the work completed, remaining defects and supporting evidence. Record actual letting, marketing and occupation dates separately.
- Record any change of purpose immediately. Save the decision date, reason and evidence. Ask the accountant to assess the consequences of moving between investment and resale activity. Do not rewrite the original intention after the event.
- Check dates before exchange. Give the solicitor’s contract details to the accountant. Record contract, exchange, conditions satisfied and completion dates. Confirm the accounting and tax recognition date for the actual transaction. For chargeable gains, an unconditional contract normally fixes the disposal date before completion; do not apply that rule automatically to trading income. [5]
Gate B Before the sale is committed
Stop if the contract dates, accounting period or tax treatment are unresolved. Keep the decision and its evidence in the project folder. Do not assume the cash arrival date determines the tax period.
5 Reconcile the sale and remaining activity
- Save the final sale records. Keep the signed contract, completion statement, solicitor and agent invoices, selling costs, loan redemption and bank receipts. Reconcile gross sale proceeds, deductions and the net amount received. Do not count fees twice if they appear on both an invoice and the completion statement.
- Close the project ledger. List unpaid bills, retentions, refunds due and unresolved items. Check later bank activity for interest, charges, refunds and further costs. Record the correct period and treatment. Selling the property does not itself make the company dormant.
6 Check before taking money out
- Identify the payment type. Distinguish an expense repayment, director’s loan repayment, salary and dividend. Ask for advice on uncertain withdrawals. Do not retrospectively relabel a payment to make the records fit.
- Approve a dividend only from supported profits. Use suitable up to date accounts, including interim accounts where needed, to establish distributable profits after losses and tax. Check share rights, previous distributions, liabilities and cash needs. Confirm the lawful amount and procedure with the accountant where needed. [6]
- Keep the approval and paperwork. The owner approves the specific payment before it is made. Record the actual decision in minutes and prepare vouchers for the correct shareholders, dates and amounts. Do not backdate decisions. Keep personal dividend tax planning separate from the company’s Corporation Tax.
Gate C Before any distribution
No dividend without supported available profits, correct shareholder rights and proper approval. A healthy bank balance, an expected sale profit or a draft tax estimate is not enough.
Review once then file and verify
7 Complete one defined final review
- Prepare one review pack. Include the reconciled ledger, evidence index, bank and loan balances, property and sale schedules, outstanding items, tax computation and the short decision log. Keep detailed private evidence separate from public accounts. Include all legally required disclosures, but no unnecessary personal narrative.
- Close the review questions. Agree one final review with the accountant or chosen reviewer. Resolve material issues and record the conclusion, evidence and version approved. Reopen only for new evidence, a material error or a required change. Do not keep running the same audit on unchanged facts.
- Inspect the actual filing files. Open the final accounts PDF, CT600 and tagged accounts and computations in iXBRL format. Check company identity, periods, figures, notes and approval details against the approved pack. Keep the signed or approved copy. A summary or filename is not proof that the attached file is correct. [7]
Gate D Before submission or payment
Stop for a wrong company, wrong period, unexplained difference or missing approval. The director approves the final accounts and declarations. Whoever signs or submits must understand their responsibility; assistant preparation does not transfer it.
8 Submit pay and check the result
- Submit through the current supported route. If self-submitting, the owner completes the final declarations. Confirm suitable filing software before the deadline. Save HMRC’s submission response and Companies House’s acceptance separately. “Sent” is not “accepted”; HMRC’s receipt does not mean it agrees the figures. [7]
- Pay the correct period. The owner makes the payment. Verify the live amount, due date, official payee and that period’s 17 character Corporation Tax reference. Never reuse an old reference by assumption. Save the payment receipt and check HMRC allocates it to the correct period. [8]
- Read back and archive. Check accepted company records and the HMRC account against the approved pack. Preserve submission IDs, dates, receipts and any outstanding balance. Back up the final pack and index. Hand over one clear record of what is filed, paid, verified or still open.
Diary defaults: private company annual accounts are normally due within 9 months of year end; first accounts normally within 21 months of incorporation. Corporation Tax is normally due 9 months and 1 day after the accounting period, and the return within 12 months. Check exceptions, instalment rules and each actual period. Retain tax records for at least 6 years from the relevant financial year end, and longer where required. [2, 3, 8]
Official checks for the next project
Checked 24 October 2026. Recheck before use. These links support the legal and tax checkpoints; the folder structure and suggested routine are practical recommendations.
HMRC property intention and trading
Company records and retention
Accounts and return deadlines
Corporation Tax rates and thresholds
HMRC disposal dates under contracts
Dividends and company withdrawals
Company Tax Return filing and iXBRL
Corporation Tax payments and references
Set up a limited company
Expense capture fields
Transaction ID; merchant; invoice date; amount; project; bank reference; purpose; room or installation location; installed item, consumable, tool or furnishing; repair, replacement or addition; receipt and photo links; accounting period; review query; payment date or outstanding balance.
Official source links
GOV.UK: hmrc internal manuals/business income manual/bim60030
GOV.UK: running a limited company/company and accounting records
GOV.UK: prepare file annual accounts for limited company
GOV.UK: corporation tax rates
GOV.UK: hmrc internal manuals/capital gains manual/cg14250
GOV.UK: running a limited company/taking money out of a limited company
GOV.UK: guidance/company tax return obligations
GOV.UK: pay corporation tax
GOV.UK: limited company formation