More than 200,000 new businesses have used the Government’s new start-up service to register their company for tax, a new report has revealed.
HM Revenue & Customs (HMRC), which published the figures, said the Streamlined Company Registration Service has “eased the burden” on new businesses.
Fledgling businesses can use the service to register for tax and HMRC’s digital services, making it quick for start-ups to “fulfil all their legal obligations in one go”.
The service, set up in a collaboration between HMRC and Companies House, was introduced last year, removing the need for businesses to send duplicate information to both governing bodies.
As of January 2019, some 200,000 new businesses have used the service to set up a limited company, as well as register for Corporation Tax and, if applicable, as an employer for Pay As You Earn (PAYE) tax purposes.
Commenting on the figures, Mel Stride MP, Financial Secretary to the Treasury, said: “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.
“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.”