Company Tax Registrations

There are many Tax Schemes.

Not all of them needed in every circumstance, but you have to register each as soon as your business meets the criteria.

The most common Tax Schemes are the following:

Corporation Tax:

You have to register your company for Corporation Tax within 3 months of starting to do business. This means buying or selling, advertising or employing someone. You may get a penalty if you register late.

For the registration we’ll need the company’s Unique Taxpayer Reference (UTR) number which has been sent out to the registered office address after the incorporation.

PAYE:

The PAYE is the HMRC’s system to collect Income Tax and National Insurance from employment. You need to register for this scheme as soon as you employ someone or take out salaries for yourself as a sole Director. This is highly recommended if your company is your only source of income, but also can be beneficial if you have a main job next to your own business.

For the registration we need certain details about the business and future employees. Once you have registered you will need to submit monthly reports, even if you haven’t paid anybody in that month.

Exception from the registration: You do not need to register for PAYE if NONE of your employees (or yourself) are paid more than £118 a week, nobody gets expenses and benefits, or nobody has another job or gets pension. However you must keep payroll records in these circumstances too.

VAT:

You must register for VAT as soon as your taxable turnover is more than £85.000. You can register voluntarily if your turnover is less, but you feel it would be beneficial for your business or you need it for International trade.

For the registration we need certain details about your business and yourself as a Director.

If you need any help with your HMRC registrations, please feel free to contact us for a quote.

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