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Monday
Mar292010

Your Obligations to HMRC When Setting Up A UK Limited Company

The thrill of setting up your own company and running a profitable business appeals to most people. The idea of not having a boss to answer to or being able to take leave as and when you want to are both very appealing. Obviously you need to have an idea or business concept but most people will have these already. Once you’ve started trading, you’ll feel amazing at knowing it’s all because of you.

The thing not to do however, is forget the formal processes you need to follow in order to legitimately run your business. A disproportionate number of businesses fail because they haven’t taken into account their obligations in setting up the business. Sure, there are phone bills, rent, electricity, suppliers and marketing company bills to pay but these are not the your only obligations.

If you’re setting up a UK limited company, you will need to set it up in accordance with the rules and policies of Companies House. You also need to ensure that you properly register with HM Revenues & Customs (HMRC). Failure to do so is likely to lead to fines and penalties at a later date which no one wants to deal with do they?

Once you’ve registered your company at Companies House, HMRC are automatically notified and will send you out a Welcome Pack and a form to complete to register your business for Corporation Tax. You will need to send back the completed form regardless of whether you’ve sent the same details to any other organisation e.g. the Charity Commission.

Ultimately there are a multitude of HMRC obligations and other regulatory body obligations that your new limited company will need to comply with. Understanding them is not always easy. Here at St Matthew we specialise in helping new UK limited companies finding their way through the potential minefield of legislation. Don’t hesitate to contact one of our friendly advisors for assistance.

 



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