How to register for paying Tax?
Tax is the contribution that is made by us for the government to spend for things such as transport, health and education. The amount of tax that we pay purely depends on the amount that we earn. One of the most important things to be done when starting out a limited company is to register for paying tax called corporation tax. It is a tax based on the taxable profits that the limited companies and other organizations such as clubs, societies, associations and other unincorporated bodies earns. Thus, it is primary requirement that you need to register to pay this corporation tax.
To register for paying the tax, you need to register the limited company that you are going to start through the HMRC form CT41G. the details that this form provide includes the name of your , it board of directors, an accounting reference date which is the date that you select to prepare the accounts and it is the last day of the first accounting year of your company. When you are not going to begin a trading through your limited company then a dormant company has to be filled in with in the CT41G form. .
If you’re a self employed individual, then it is the primary requirement of yours to register for paying tax as well as the national insurance. This registration must be done within the three months of joining and starting your work. This could be done by making a call to the self employed help line. The details that you should give to register for paying tax includes your name, company or organization in which you are working, role or nature of your job, location of your company with complete address, contact number, complete salary details bonafied by your company, email id and certain other documents.