More than 200,000 startup owners have benefitted from a collaborative service that enables businesses to register for tax at the same time as registering their company.
The streamlined company registration service, which was announced by HMRC and Companies House in 2015, was launched to reduce the burden on business owners and their agents.
When a company is registered, Companies House notifies the Revenue so it can dispatch a unique taxpayer reference to the company’s registered office.
Most accountants take care of this task as part of a comprehensive business service, which involves setting up a company, liaising with HMRC on its behalf, and dealing with trading periods.
Registering with Companies House and with the Revenue to pay tax is one of the final steps of starting a new business.
Mel Stride, financial secretary to the Treasury, said:
“Reducing the administrative burden on small businesses is all part of this Government’s commitment to support small business growth.
“HMRC and Companies House are working hard to make business registration and tax easier.
“The Government is committed to ensuring we can deliver a modern, digital tax system for all businesses and their agents, supporting them to get their tax right and reducing the amount of tax lost through avoidable error.”
Talk to us about starting a business.