Last Updated: 26/08/2014
It is necessary to notify H M Revenue & Customs of your existence by completing forms CT41G ‘Corporation Tax – Information for New Companies’ letter (companies) or CWF1 (sole traders/partnerships). You can also telephone H M Revenue & Customs to notify self employment on 0845 915 4515.
The CT41G ‘Corporation Tax – Information for New Companies’ letter is sent to all new companies after they are incorporated. The form notifies H M Revenue & Customs of your accounting date, your accountant, and also enables a PAYE (Pay As You Earn Scheme) to be set up, which is a requirement if you are to be an employer.
If you fail to register within the first three full months of commencing business a penalty of up to £300 plus a continuing penalty of £60 per day, or £3,000 if information is given negligently or fraudulently by a company.
This post was brought to you by Mathew Aitken at Companies Made Simple
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