Incorporating a Rugby Club
To fully activate a newly incorporated limited company and take advantage of limited liability and corporate status a number of steps are required. As a checklist the club should consider the following:
1. Have you applied for Community Amateur Sports Club status (CASC). It is usually advisable to apply for this before you activate the new company.
2. Have new bank accounts been opened in the name of the limited company? The bank will close the old accounts and open new accounts in the name of the limited company, this can often take some time.
3. Do you have the Companies House filing code? This will enable the club to file the Annual Accounts, the annual Confirmation Statement and maintain the register up to date in respect of directors appointments and resignations.
4. Have HMRC sent you the corporation tax UTR number? Has HMRC corporation tax been informed of the change, have any elections been made, example, in respect of capital gains relief.
5. Obviously suppliers including HMRC need to informed of the limited status. Invoices from the brewery etc should incorporate the company name including Ltd.
6. In respect of VAT and Machine Games Duty the registration should be in the name of the ‘Ltd’ company. Are you going to keep the existing VAT number and there has been an election to transfer as a going concern.
7. Similarly the HMRC payroll scheme. As the employees are being transferred under the TUPE regulations the club may wish to keep the same PAYE references alternatively a new scheme could be set up and issue P45s to employees. There are advantages and disadvantages in both options.
8. Has the club’s insurers been informed of the change.
9. On incorporation was the club’s interest in the clubhouse transferred to the company.
10. Going forward any contracts in the name of the club, for example, lease of a field or changing room should be in the name of the limited company.