200,000 businesses use new one-stop company registering service
A new one-stop government service allowing start-up businesses to register their company and register for tax at the same time has been used by more than 200,000 new businesses.
The Streamlined Company Registration Service, which has been set up in a collaboration between HMRC and Companies House, is designed to ease the burden on new businesses, enabling them to concentrate on what they do best – producing goods and services.
When registering with Companies House, businesses can also register for tax and HMRC’s digital services, making it easier for new start-ups to fulfil all their obligations in one go. The change, which came into effect last year, removes the need for businesses to send duplicate information to both Companies House and HMRC.
The new service is part of the government’s modern Industrial Strategy’s commitment to reduce administrative burdens on small businesses.
Mel Stride, Financial Secretary to the Treasury, said: “It’s never been easier to set up a business in the UK. HMRC and Companies House are working hard to make business registration and tax easier.”
Anything that makes it easier to set up business is to be welcomed but, of course, new enterprises face many more challenges that need to be addressed.
It’s vital to carry out extensive research to make sure you progress in a sustainable way. You need to know your potential market but you also need to consider the legal structure of your business.
For example, you may start out as a sole trader but as you develop there might be advantages in creating a limited company or perhaps entering into a partnership.
The correct approach will depend on the type of business you operate. You may also need to consider employment contracts if you need to take on staff, and leasing arrangements if you need premises.
Good legal advice at the outset can prevent mistakes that could prove costly in the future.
Please contact Sarah Liddiard if you would like more information about the issues raised in this article or any aspect of starting a new business.