You must register with HM Revenue & Customs (HMRC) as soon as you can after starting your business, or you may face penalties.
- send a Self Assessment tax return every year
- pay Income Tax on the profits your business makes
- pay National Insurance
You must also register for VAT if you expect your business’ takings to be more than £85,000 a year.
You must set up the company with Companies House and let HM Revenue & Customs (HMRC) know when the company starts business activities.
Every financial year, the company must:
- put together statutory accounts
- send Companies House an annual return
- send HMRC a Company Tax Return
The company must register for VAT if you expect its takings to be more than £85,000 a year.
If you’re a director of a limited company, you must:
- fill in a Self Assessment tax return every year
- pay tax and National Insurance through the PAYE system if the company pays you a salary
> Starting Your Own Business e-learning from HMRC
> HMRC Toolkits and Guides
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