Does your company plan to make any changes in the basic information like the company address or change of name in business? It is important for you to know that business-related agencies and business authorities are the ones you need to inform. Primarily the authorities are mentioned below:
- Companies house
If you fail to inform HMRC or companies house on time, you have to pay a fine. There is the need to inform the updated address because of the requirement that is required to be updated in the following information as well:
After the change is updated, the relevant person will be asked for a confirmation or to provide more relevant information in order to update the recent changes. Legal documents might be another requirement in order to support the change in the business name. For the people who intend to sign in for the first time, they will require the following:
- National Insurance number
- Government Gateway Account
Before we delve into further discussion, we need to have a look at the focused points of discussion in this article. This includes the following:
- Change of Name or Personal Address
- HMRC Change of Address or Name for Business
- The Bottom Line
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Change of Name or Personal Address:
In case a person gets the pension or salary through PAYE, and there is a change in the person’s address, HMRC needs to be informed to update the recent changes in the address. The other case that makes it important to inform HMRC about any such change is the self-assessment tax return.
Moreover, there are multiple ways to inform HMRC if the person relates to any of the following conditions:
- Stays abroad
- Plans to leave the UK in order to settle abroad
- Self-assessment is the only way a person is paying the tax
One can always inform HMRC to update the change in the name, personal address or change of any other circumstances online as well. A personal tax account or government gateway are two ways to do so.
Note: There is an exception of special section D if you intend to inform HMRC about the gender change.
HMRC Change of Address or Name for Business:
It is even more important to be notified of any changes that are made in the business details like business name, company address etc. This change of business details is required to be known by the clients, business dealers, different authorities and suppliers. Mentioned might not relate to the business directly but it is still vital to keep them informed and updated. Primarily the following:
Service Providers: Tax advisers and accountants come under this category to whom you will inform about the changes in the business details to update the information.
Clients and Suppliers: Other agencies and the customers need to know is equally important in case of any changes are made in the company name or address. The providers of telecommunication also come under the vital category to be informed.
Financial Institutions: Loan companies, all the banks where the person has the business accounts and the pension providers are integral parts of the financial institutions.
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The Bottom Line:
Now that you have developed a better understanding of change of name in business or personal information needs to be informed to HMRC, we can sum up the discussion by saying that it is without a doubt a little challenging task to keep all the departments informed about the changes made. However, this will further save the individual from any haphazard of not receiving the supplies on time.
We hope this article provides fair information to help you understand the need of informing important departments about any changes made in personal or business details.
Disclaimer: This article intends to provide general information based on change of name in business or personal information needs to be informed to HMRC.