Over 200,000 small companies have taken benefit of having the ability to register their standing as restricted corporations and for tax with a brand new service, launched solely final 12 months.
The Streamlined Firm Registration Service, was arrange in a collaboration between HMRC and Corporations Home, is designed to ease the executive burdens on new companies and allow them to get on with the sensible working of their enterprise.
When registering with Corporations Home, corporations can even register for company tax and HMRC’s digital companies and as an employer for PAYE tax, making it simpler for brand spanking new start-ups to fulfil all their authorized obligations in a single go. The change removes the necessity for companies to ship duplicate info to each Corporations Home and HMRC.
Mel Stride MP, Monetary Secretary to the Treasury, mentioned: “It’s by no means been simpler to arrange a enterprise within the UK. Decreasing the executive burden on small companies is all a part of this authorities’s dedication to assist small enterprise progress.
“HMRC and Corporations Home are working laborious to make enterprise registration and tax simpler. Beforehand, the identical info would must be entered into numerous completely different platforms to register an organization and register for tax, now we have simplified that course of.
“The Authorities is dedicated to making sure we will ship a contemporary, digital tax system for all companies and their brokers, supporting them to get their tax proper and decreasing the quantity of tax misplaced by avoidable error.”
The Authorities sees the transfer as a part of its Industrial Technique programme, the purpose of which is assist companies to be extra productive backing them to’ create good jobs and improve the incomes energy of individuals all through the UK with funding in abilities, industries and infrastructure’.
Kelly Tolhurst, MP, Small Enterprise Minister mentioned: “British small companies, and the entrepreneurial spirit behind them, are the spine of the UK economic system using over 16 million folks up and down the nation.
Via our fashionable Industrial Technique we’re making it simpler for small companies to develop and flourish by investing in fashionable industries, infrastructure and abilities, and making it simpler to entry finance. Anybody pondering of beginning a brand new enterprise in 2019 ought to try the large wealth of Authorities recommendation and assist accessible and go for it.”
This text first appeared on Tax Information on 10 January 2018