- You need to register for VAT if your turnover is £79,000 or above.
- You should register for PAYE if you pay a salary or have any employees.
- If you have registered for PAYE, you need a payroll system in place to make payments (income tax and national insurance) to the government by the relevant deadline.
- Filing your corporation tax forms with HMRC and paying the required amount.
- Completing an annual self-assessment tax return if you are a director of a company.
Leave a message?
Seeking Advice from Chartered Tax Advisors after you register a company After your company formation, it is likely that you will benefit from tax planning to ensure you are compliant with UK tax laws, as well as keeping tax to a minimum as a key company aim. When there are many complex tax considerations, such as corporation tax, PAYE, VAT and self-assessment tax returns, getting professional tax consultants or tax accountants to help you and provide detailed advice can enable your business to pay the correct, but lowest amount of tax possible. The requirements and legislation for UK tax is complicated and getting it wrong can result in penalties from HM Revenue & Customs (HMRC). To avoid this problem and to make sure your business doesn't miss opportunities offered through regular advice on tax, get in contact with your professional tax advisors. Key tax requirements to remember:
Back to News & Press