Who’s making it less taxing for 200,000 start-ups?
More than 200,000 start-up businesses have been given a helping hand by the HMRC.
A streamlined company registration service, set up by the tax office and Companies House, aims to navigate the red tape hampering entrepreneurial endeavour.
So, when registering with Companies House, groups can also sign up for tax and HMRC’s digital obligations.
The change, which launched last year, removes the need for businesses to send duplicate information to both offices.
It’s part of the government’s industrial strategy to reduce administrative burdens on small businesses.
Mel Stride, financial Secretary to the Treasury, says: “It’s never been easier to set-up a business in the UK. 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’.
“HMRC and Companies House are working hard to make business registration and tax easier. 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.
“The government is committed to ensuring we can deliver a modern, digital tax system for all businesses and their agents supporting them to get their tax right and reducing the amount of tax lost through avoidable error.”
Backbone of the UK
Small business minister Kelly Tolhurst adds: “British small businesses, and the entrepreneurial spirit behind them, are the backbone of the UK economy employing over 16 million people up and down the country.
“Through our 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.”