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November 22nd 2013 / BY: Wisteria

Advice from Tax Accountants – How to notify HMRC of your company formation

A concern for many company directors of new UK company formations is making sure that they fulfil all the necessary tax requirements relating to the limited company formation.  After you register a company you will be sent a CT41G form (Corporation Tax – Information for New Companies) from HM Revenue and Customs. You will be contacted with regards to tax registration whether or not your company formation will be actively trading from the date of incorporation. It is your duty to inform them whether you intend to trade and therefore be liable for tax.

This form details some of the basic information HM Revenue & Customs will need to obtain to set up their records concerning the company formation.  Some of the information required includes:

  • The name, registered office and trading address of the company
  • Nature of the business
  • Date to which the tax accountants intend to prepare the company accounts
  • The contact details for the directors and their tax reference numbers
  • Any PAYE obligations

If your company will not be trading immediately and therefore will be dormant you must complete the dormant company insert of the CT41G form. You should still retain the original form however as you will need to send this to the revenue as soon as you commence trading. If the company began as active then became dormant, when you wish for the company to become active again you can fill in a CT204 (Active Company) form and send this to HMRC.

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The form will be sent to your registered office address and must be completed within three months of setting up a company at Companies House otherwise a fine can be imposed. This can be up to £300 with an added penalty of £60 in extreme circumstances for each day the information is not given.  It is important to note that even if you do not receive this form in the post that you must still contact HMRC to inform them of your intention to trade.

For further information about the tax obligations after you register a company or for any information regarding the services provided by tax accountants please call 0844 893 0808.