Your new business is almost ready for launch, you are happy with your business plan, you have been approved for a business loan. You also have the premises and the light at the end of the tunnel is in sight as your dreams are turning into a reality. It is easy to get caught up with the excitement and anticipation of getting your new business off the ground, however, there is one fundamental and legal requirement you need to sort out before starting up your business… Tax.
It is essential and in fact a legal requirement that you register your business with the tax authority, and that it is entirely compliant when it comes to tax. There are several aspects of this that require careful consideration and action such as registering the new business and filling out a multitude of strict and regulated forms. At times it might feel like a completely foreign language to you, particularly if this is your first venture in to business ownership. The process of becoming registered with the relevant tax authority can be a long, drawn out one. The ostensibly never ending back and forth with Companies House and HMRC to attain, and declare the correct information can be enough to make you want to pack the whole idea in!
When registering with Companies House, you will need to provide them with the company’s trading name and address, details of the company’s directors and share split, a ‘Memorandum of Association’, and ‘Articles of Association’ that have been agreed to, and signed by all shareholders of the company. In return, Companies House will issue you with a ‘Certificate of Incorporation’ and provide you with a unique taxpayer reference required to register for corporation tax with HMRC. This needs to be done within 3 months of establishing the company as a legal entity.
As a new business the last thing you would want is a nasty fine or penalty incurred because your business hasn’t been registered properly, or on time with the relevant tax authority. Whether it be dealing with HMRC, National Insurance or VAT; this can appear a minefield.
We can advise you on registering your business for all tax purposes and guide you through all the correct procedures and various deadlines that must be followed. Price Davis will happily answer any of your tax related queries; from Business Tax Returns, Expenses of those self–employed, to PAYE records if you are in the fortunate position of being able to employ someone. Our experienced and friendly advisors can help to ensure your mind is put at rest and everything is in order so you can continue the exciting journey ahead of launching your new business venture!