New tax and registration service for startups
A government service allowing startups to jointly register their company and register for tax at the same time has been launched – and already used 200,000 times.
The Streamlined Company Registration Service, which has been set up in a collaboration between HMRC and Companies House, aims to “ease the burdens on new businesses, enabling them to concentrate on what they do best – producing goods, providing services and contributing to the UK’s reputation as one of the best places in the world to start a business,” according to the government.
When registering with Companies House, companies can also register for tax and HMRC’s digital services, making it easier for new startups to fulfil all their legal obligations in one go.
The change, which came into effect late last year, removes the need for businesses to send duplicate information to both Companies House and HMRC.
Mel Stride MP, financial secretary to the Treasury, said: “It’s never been easier to set up a business in the UK. Reducing the administrative burden on small businesses is all part of this government’s commitment to support small business growth.
“HMRC and Companies House are working hard to make business registration and tax easier. Previously, the same information would need to be entered into a number of different platforms to register a company and register for tax, we have simplified that process.”
Small Business Minister Kelly Tolhurst said: “British small businesses, and the entrepreneurial spirit behind them, are the backbone of the UK economy employing over 16 million people up and down the country.
“Through our modern Industrial Strategy we are making it easier for small businesses to grow and flourish by investing in modern industries, infrastructure and skills, and making it easier to access finance.”