Helping hand to set up new businesses

A new government service allowing start-ups to jointly register their company and register for tax has been used 200,000 times.

More than 200,000 new businesses have used a new one-stop cross-government service allowing new start-ups to register their company and also register for tax at the same time.

The Streamlined Company Registration Service, which has been set up in a collaboration between HMRC and Companies House, will ease the burdens on new businesses, enabling them to concentrate on what they do best – producing goods, providing services and contributing to the UK’s reputation as one of the best places in the world to start a business.

The change, which came into effect last year, removes the need for businesses to send duplicate information to both Companies House and HMRC.

The new service is part of the government’s modern Industrial Strategy’s commitment to reduce administrative burdens on small businesses, enhancing the UK’s reputation as one of the best global environments for small businesses to thrive in.

Small Business Minister Kelly Tolhurst said:

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.

R&D Tax Credits

The UK Government’s R&D Tax Credit scheme also makes it easier for small businesses to grow and flourish by encouraging and rewarding them for investing in innovation. It offers a vital means to cut costs and improve cash flow, whilst keeping ahead of the competition.

Any limited company developing new products, technology or processes may be eligible.

It is a tax relief scheme, designed as an incentive for companies developing new technology – the more qualifying development work a company does, the greater the relief it can get from its Corporation Tax bill. Even loss-making companies can benefit (in terms of a “Credit”) which can be of particular importance to early stage businesses.

The scheme is one of the most attractive in the world and a company can claim retrospectively for up to 2 previous accounting years.

MSC R&D is a leading expert in R&D Tax Credits – the sooner you talk to us the better – 0114 230 8401