Setting up
your business

You must register your new limited company with HMRC and tell it that you are liable for corporation tax.

This is separate to registering at Companies House (although Companies House will tell HMRC as well, you must do it yourself anyway using the right form).

Introduction pack

HMRC will send you an Introductory Pack. This will include various forms and notes. It will also have form CT41G - New company details.

Send this to your Corporation Tax office a soon as you can - you must do it within 3 months.

What CT41G aks for

The form’s not that complicated It asks for:

• Your company’s registered name and number
• The registered and business address(es)
• What your business does
• Your accounting year (talk to an accountant before setting this).
• Directors’ name and addresses.

You can also tell HMRC if the company is dormant (ie not trading yet).

Appointing an accountant or agent

Get things wrong, and you could end up paying too much tax sooner than you need (or too little, too late - which can mean a penalty).

Fortunately, you can get an acccountant or other tax adviser (what HMRC calls an agent) to sort all this our for you.

You’ll need to tell HMRC about your agent. He (she or it) can then file your returns for you - however, you are still legally responsible for getting the inforamtion right, so you’ll need to check returns etc.

To authorise an agent, you can do it online (if you register for the HMRC online services - which is a good idea as youc an sort out your VAT that way, too) or by downloading form 64-8 and posting it.