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HMRC- What do you need to know and do when starting a business?
· Let HMRC know that you're self-employed and if your company is liable for Corporation Tax within 3 months of starting any business activity. Your company may also need to register for other taxes such as PAYE (Pay As You Earn) as an employer and VAT.
· Self-employed tax and National Insurance: You will be responsible for paying your own tax and National Insurance contributions. You’ll need to keep business records and details of your income so you can fill in an annual Self Assessment Tax Return. (May also need to register for VAT).
· Register your company at Companies House. Companies House will tell HMRC whenever a company registers with them and HMRC will create a computer record and allocate a Unique Taxpayer Reference (UTR) for you, and then send form CT41G to your company’s registered office for completion and return.
· In the event that your company is a partnership, you will have to notify HMRC. You and each of your partners will have to register for Self Assessment and National Insurance. The company and each partner will receive their own UTR.
· Upon Starting your business detailed records must be kept. Records which are inadequate or incorrect may lead to penalties being levied if, during the course of an HMRC investigation you cannot provided adequate proof of invoices and expenses claimed on your returns.