Author: Chris Neame BFP FCA CA(ANZ)
Introduction
Setting up a UK limited company involves several important steps, one of which is registering for tax purposes. This FAQ explains how to obtain both a Unique Taxpayer Reference (UTR) number and a corporate tax number, which are essential for fulfilling your tax obligations with HMRC (Her Majesty’s Revenue and Customs).
Understanding UTR Numbers
Q: What is a UTR number?
A: A Unique Taxpayer Reference (UTR) number is a 10-digit number uniquely assigned to your company by HMRC. It is essential for managing your company’s tax obligations, including filing tax returns and paying taxes.
Obtaining a UTR Number
Q: How do I obtain a UTR number?
A:
- Register Your Company: When you register your company with Companies House, either online, by post, or through a formation agent, you will need to provide details such as your company name, business address, director information, and share structure.
- Automatic Trigger: Following your registration, HMRC will be automatically notified of your new company.
- Receive Your UTR Number: HMRC will send your UTR number by post to your company’s registered address, usually within a few weeks of your registration.
After Receiving a UTR Number
Q: What should I do once I receive my UTR number?
A: Once you receive your UTR number, keep it securely stored as you will need this number for all official communications with HMRC and for your tax filings.
Understanding Corporate Tax Numbers
Q: What is a corporate tax number?
A: A corporate tax number, also known as a Corporation Tax reference number, is an identifier issued by HMRC that is specific to your company’s obligation to pay Corporation Tax.
Obtaining a Corporate Tax Number
Q: How do I obtain a corporate tax number?
A:
- Register for Corporation Tax: You must register your company for Corporation Tax within the first three months of starting your business operations. This registration is completed online through the HMRC website.
- Receive Your Tax Number: HMRC will send your Corporation Tax number to your company’s registered address. This number will also be included in all official correspondence from HMRC regarding Corporation Tax.
After Obtaining a Corporate Tax Number
Q: What are the key things to remember after obtaining my corporate tax number?
A: Keep your Corporation Tax number accessible and secure, as you will need it to file your company’s Corporation Tax return. It’s important to adhere to all registration and tax filing deadlines to avoid any penalties.
Seeking Professional Advice
Q: Should I seek professional advice?
A: If you are unsure about any part of the registration or tax process, it’s wise to seek advice from a professional accountant or tax advisor. They can provide detailed guidance and ensure that your company complies with all legal requirements.
Conclusion
Obtaining a UTR number and a corporate tax number are key steps in setting up your UK limited company. Ensuring you follow these steps correctly will help keep your business compliant with UK tax laws and ready for successful operation.
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About Neame & Co
At Neame & Co we specialise in stress free company filing: the easy way to file your year end Company Accounts and Corporate Tax Return to Companies House and HMRC. Maximise tax efficiency, real human support throughout and 100% online and paperless service. Visit Neame & Co for more details on how we can help!
