HMRC are celebrating the success of a new scheme that makes it easier for entrepreneurs to set up a new business.
Reducing red tape for small businesses
The Streamlined Company Registration Service, which is the result of a collaboration between HMRC and Companies House, is part of the Government’s modern Industrial Strategy’s commitment to reduce administrative burdens on small businesses.
More than 200,000 new businesses have used the new service, which allows entrepreneurs registering a new business with Companies House to register for tax and HMRC’s digital services at the same time, removing the need for two registration processes and the sending of duplicate information to Companies House and HMRC.
Mel Stride MP, financial secretary to the Treasury, said that HMRC and Companies House are working hard to make business registration and tax easier.
“Reducing the administrative burden on small businesses is all part of this government’s commitment to support small business growth and cement Britain’s standing as a ‘Global Britain’,” she said.
“Previously the same information would need to be entered into a number of different platforms to register a company and register for tax, we have simplified that process.”
A formation agent can still be used to register businesses if entrepreneurs prefer to go down this route, and formation agents can continue to act for their clients.
Support for small businesses
Small business minister Kelly Tolhurst welcomed the service as part of the Government’s modern Industrial Strategy.
“We are making it easier for small businesses to grow and flourish by investing in modern industries, infrastructure and skills, and making it easier to access finance.
“Anyone thinking of starting a new business in 2019 should check out the huge wealth of Government advice and support available, and go for it.”
The Government’s advice on self-employment and setting up and running a business can be accessed from the business and self-employed section of their website.
HMRC says that the only other thing required to start a new business is passion, so if you’re ready to register your start-up, you can access the new one-stop registration process here.
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