In the UK, all limited companies must be registered with Companies House. This is the government department responsible for maintaining records of all businesses in the country. When you register your company, you must provide various pieces of information, including the names of the directors and shareholders, the company’s registered address, and details of its activities. Once your company is registered, you will need to file annual accounts and other documents with Companies House.
HMRC, on the other hand, is responsible for collecting taxes from businesses and individuals. If you are running a limited company, you will need to pay corporation tax on your profits. You will also need to deduct income tax and National Insurance from your employees’ wages, and pay these over to HMRC. In addition, you may need to file VAT returns if your business is VAT-registered. As you can see, both Companies House and HMRC play important roles in the running of limited companies in the UK
Who are Companies House and HMRC?
Companies House and HMRC are both government agencies that play an important role in the UK economy. Companies House is responsible for registering and incorporating companies, and maintaining company records. HMRC, meanwhile, is responsible for collecting taxes and administering tax laws.
Both agencies are essential to the functioning of the UK economy, and they work closely together to ensure that businesses are complying with the law.Companies House and HMRC both have their headquarters in London, and they employ thousands of people between them. They are both essential parts of the UK economy, and they play a vital role in ensuring that businesses are compliant with the law.
The role of Companies House
Companies House is a government body that deals with the incorporation and registry of companies in the United Kingdom. It is also responsible for keeping track of company changes, such as director appointments and shareholdings. Companies House is an important part of the British business landscape, and it plays a vital role in ensuring the smooth running of businesses in the country.
In recent years, it has also been involved in cracking down on fraudulent activity, such as phantom companies and false reporting. This has helped to make Companies House a more trusted and respected institution, which is essential for the continued success of businesses in the UK.
This agency is responsible for:
- Incorporating and dissolving limited companies
- Examining and storing information about companies
- Making company data available to the public on the official companies register (aka the ‘Companies House register’ ‘the register of companies’, or ‘the central register’)
- Updating corporate data and maintaining the companies register
- Providing company search and electronic filing services
- Releasing quarterly and annual statistics on company incorporations and dissolutions, liquidations and insolvency, and corporate compliance
If a company is registered in the UK it must be incorporated by Companies House and comply with their reporting and filing requirements
The role of HMRC
HMRC is responsible for the assessment and collection of taxes in the United Kingdom. In addition, they are responsible for the administration of benefits and other financial support programs.
HMRC also works to combat tax evasion and money laundering. They work closely with law enforcement agencies to investigate cases of suspected fraud with compliance checks. HMRC is headquartered in London and has offices throughout the country. The agency employs over 80,000 people.
The taxes that HMRC collects, administers, and regulates include:
- Income Tax
- National Insurance contributions
- Corporation Tax
- Value Added Tax (VAT)
- Capital Gains Tax (CGT)
- Customs and excise duties
- Stamp Duty
- Inheritance Tax
- Environmental taxes
Additionally, HMRC is responsible administrating and collecting:
- Implementing and enforcing the National Minimum Wage
- Recovering Student Loan repayments
- Paying certain forms of state support to individuals and businesses (e.g., statutory sick pay, tax credits, Child Benefit, coronavirus grants and support schemes)
- Refunding tax overpayments
- Investigating cases of tax evasion
- Implementing regulations and guidelines to tackle financial crime
- Anti-money laundering supervision
The revenue collected by HMRC is used to fund the UK’s public services as well as targeted financial support to individuals and businesses.
What information do I need to provide to Companies House and HMRC?
When you start a business in the UK, there are a few key organisations that you need to register with. Companies House is the government body responsible for incorporating and dissolving limited companies, and they will need some basic information about your business in order to do this. This includes your company name and registered address, details of the company’s shareholders and directors, and information about the company’s share capital.
You will also need to provide HMRC with your company registration number, as well as your VAT registration number if you are registered for VAT. In addition, you will need to inform HMRC of any changes to your company details, such as a change of address or the addition of new shareholders. By providing this information to the relevant authorities, you can ensure that your business is properly registered and compliant with UK law.
Information for Companies House
Every company is required by law to file certain information with Companies House. This includes details of the company’s directors, registered office and share capital. Companies House is a government department, and its main role is to maintain a public register of companies. This information is available to the public, and it helps to ensure that companies are operating legally and transparently.
In addition, Companies House also provides a range of other services, such as help for businesses in difficulty and support for businesses that are moving premises. By filing the required information with Companies House, businesses can help to ensure that they are compliant with the law and that they are providing the public with essential data.
Information for HMRC
At the heart of any business is accurate bookkeeping and keeping on top of your records. This is very important when becoming Self-Employed, as you will be dealing mainly with cash transactions. You need to keep full and accurate records of all the money that comes in and goes out of your business.
This will help you with your Self-Assessment tax return, as well as your National Insurance contributions. You will also need to keep track of any expenses you incur while running your business. These can be deducted from your profits when you come to calculate your tax bill. HMRC offers a range of support for businesses, including free webinars and advice lines. Keeping on top of your finances from the start will save you a lot of time and hassle in the long run.
Seasoned professional with a strong passion for the world of business finance. With over twenty years of dedicated experience in the field, my journey into the world of business finance began with a relentless curiosity for understanding the intricate workings of financial systems.