How Do I Get A Unique Tax Reference For My Company?
Your UITR (Unique Tax Reference) number is an essential part of running a company. This is how the government in the UK ensure that you are paying the right amount of tax that is owed to them. It also ensures that when you pay your company’s taxes they are registered properly.
This number is something that you receive automatically. Your company formations agent gives you the reference number shortly after you open your company. It is not something you need to apply for yourself because HMRC are notified automatically whenever a new company is formed.It comes in the form of a ten-digit reference number. You may also see it being referred to as a corporation tax reference.
It is in the form of a ten-digit number. You may sometimes see it referred to as a “corporation tax reference”.
Where Can You Find Your UTR?
Your UTR is printed on almost all official communications between HMRC and your company, It will usually be positioned next to some text that reads ‘Official Use’. Whenever you receive notice to deliver an annual company tax return, you’ll find it. Make sure that you do not mix up your company’;s UTR and your own, personal UTR. As you are doing business in the UK, you will also pay your personal taxes. Your personal UTR is received when you register for self-assessment tax.
What is the UTR Used For?
Your company formations agent needs this number to ensure you are registered to pay corporation tax. You do not need this number in order to form a limited company in the UK. One mistake people make when forming a new company online is to think they need tax information first.
HMRC give the various pieces of tax information out after forming your company. After your agent forms your company, you will receive a letter at your registered address that explains your obligations for tax in full. Your company ha to submit certain documentation as soon as it begins trading.
Your agent can help you with the documentation you will need to submit to HMRC.
What Does HMRC Require from You?
This is where the value of having an agent becomes clear because despite the fact the incorporation process is simple, tax certainly is not! Your agent can submit all the required information to HMRC on your behalf. The following information is required within three months of stating trading.
First, have to set a start date for when your company begins trading. This determines your corporation tax accounting period. This must be accompanied by information such as your registered office address and your company registration number.
Your agent will help you to obtain a SIC code so you can explain your main business activities to HMRC.
What Happens Afterwards?
After your agent has completed the relevant information, HMRC send you another letter. This will again be sent to your registered office. The dates you set for your accounting periods are confirmed. You will have to deliver your company tax returns by these dates or pay a penalty.
Corporation tax must be paid by nine months and one day after each accounting period, although the actual return must to be filed much sooner. You can ask HMRC to change your accounting period but this is down to their discretion, and you must give a good reason for making the request.
Your Company Formations Agent
The tax affairs relating to your company are complicated, especially if you are not a UK national. A company formations agent can help you submit all the information to the right bodies.
You do not want your company immediately incurring a fine from HMRC or any other part of the UK government.
Make sure you work alongside the agent and submit all requested information in good time. Your agent can only help you if you are timely with the submission of the documentation they need from you.