Radar reflector should be carried (see SOLAS requirements).
Under 7m & not exceeding 7 knots - should have an all-round white light. As you're likely to exceed 7 knots, red/green needed too.
I believe the coastguard has already stopped monitoring Ch 16. Originally, the cut-off date was later but then it changed! DSC therefore very useful!
IMHO, I would recommend attending RYA training - Power Boat Level 2 to begin with. I found it really helpful and the instructor will know all the regs in detail. Also, if you have a radio one of you must have a licence to operate - VHF Short Range Operator's Licence.
Sorry if I'm teaching granny to suck eggs!