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New Limited Company: What Do I Need To Tell HMRC And When?

What do I need to tell HMRC when I register my company?

When registering a new company, Companies House will automatically notify HMRC of your company’s existence. You will then be issued with a Unique Tax Reference (UTR) which you will need whenever you contact HMRC about your company.

HMRC needs to be notified by you if you are self employed. When self employed, you will be responsible for paying your own National Insurance and tax contributions.

Other things you may need to do

Although Companies House automatically notifies HMRC of your company’s existence, you may need to contact HMRC directly yourself if you need to register for other taxes, such as VAT or Pay As You Earn (PAYE).

Active Companies

All active companies are required to register for and pay corporation tax. This must be done within three months of starting to trade. The amount liable is based on all taxable profits. Each year, a company needs to file a tax return with HMRC within 12 months of the end of the accounting period.

Dormant Companies

If your company is dormant, you will not need to register for corporation tax or be liable to pay it. Instead, HMRC will need to be informed that your company is dormant. Once notified, you should receive confirmation of your company’s dormant status. HMRC must be contacted in the event you begin trading.

Learn more about the differences between dormant and active companies

Keeping Records

To ensure you do not get into any difficulty with HMRC, you need to keep thorough, accurate records of your business from day one. Adequate proof of invoices and expenses is required.

Visit HMRC’s website for more essential tax information