What is HMRC? How to Register Companies with HMRC?
What is HMRC?
HMRC is an abbreviation for Her Majesty’s Revenue and Customs. It is the official government organization for tax collection and revenue generation in the United Kingdom. The institution was formed in 2005 to manage the revenue and tax collection processes in the whole of the UK.
Company Formation and HMRC:
If you are looking to form or register a new company in the United Kingdom, you should know the role of HMRC in the process. Actually, the companies in the United Kingdom are registered with Companies House. However, Companies House requires you to register with HMRC for Corporation Tax.
This legalizes and regularizes the process of tax payment for your company.
Generally, there are two possibilities for registering with HMRC
- You have registered with Companies House but have not registered for Corporation Tax
You may register through post. Otherwise, you can also hire the services of Company Formation Agents who can accelerate the whole process.
- You have registered with Companies House and also registered for Corporation Tax.
If you have registered for corporation tax, the whole process becomes very simple. You can simply check the HMRC website to file your returns, submit your details, or pay taxes.
When do you need to register with HMRC?
According to the laws, you need to register your company with HMRC within the first 3 months of starting a business. This 3-month period allows you to settle down and fill in all the details carefully.
If you fail to register within the first 3 months, you may have to pay fines/penalties.
To register and submit details to HMRC, the best procedure is to hire Company Formation Agents, who can guide you through the entire process and make matters a lot easier.
Liscard Business Centre
Liscard Business Centre is a company formation service that offers different packages for company formation in the UK. If you want to register your businesses anywhere in the UK (that includes England, Scotland, Wales, and Northern Ireland), we would absolutely love to serve and help. We can help you in forming your companies in much shorter periods of time while also saving you considerable sums of money.
Registration, Documents Verification, Banking Details, Statements of Association, and Official Addresses are all managed by Liscard Business Centre.