Do I need to notify HMRC of a change of address? The answer is a resounding yes, if you’re on the move, it’s absolutely necessary to notify HMRC. This is because HMRC are responsible for handling your taxes, and they need your updated information in order to send you relevant correspondence and ensure that your tax affairs are in order. You need to do this even if you’re not changing your job or leaving the country – HMRC will still need to update their records.
So how do you notify HMRC? And what else do you need to tell HMRC about?
In this article, we will answer these questions and many more so you know how to deal with HMRC in various situations.
How do you Notify HMRC?
The process for notifying HMRC of your change of address depends on how you file your taxes.
If you file your taxes online, you can update your address yourself by logging into your account and updating your personal details.
If you file your taxes by post, you will need to fill in a form and send it to HMRC. The form you need to fill in depends on your tax situation – for example if you’re an employee or self-employed.
You can find the correct form on the HMRC website but if you’re not sure which form you need to fill in, you can contact HMRC for help. They will be able to guide you in the right direction. It’s important to notify HMRC as soon as possible – ideally, within 28 days of moving house. This is so they can update their records and send you any correspondence you’re due.
Why do you Need to Notify HMRC of a Change of Address?
When you move house, your address changes and HMRC need to update their records with your new information. This is so they can send you relevant correspondence – such as tax reminders and updates on policy changes – and make sure that your tax affairs are in order.
It’s important to note that you need to notify HMRC even if you’re not changing your job or leaving the country. Some people don’t realise this and end up missing important correspondence from HMRC which results in them falling behind on their taxes or receiving a fine.
Other Personal Details You Need to Notify HMRC About
In addition to notifying HMRC of your change of address, you also need to tell them about any other changes in your personal circumstances. This includes changes in your name, marital status, and the number of dependents. This is important information because it affects the amount of tax you have to pay.
You will also need to update your contact details so HMRC can get in touch with you if they need to. This includes your phone number and email address.
Again, you can update your details online by logging into your account, or you can fill in a form and send it to HMRC.
What are the Penalties for not Notifying HMRC About Changes?
If you don’t notify HMRC of your change of address, you may miss important correspondence from them. This could lead to problems with your taxes, such as missing the deadline to file a return or pay a tax bill.
In severe cases, you may be fined for failing to notify HMRC of a change of address. These fines can be serious, so it’s important to make sure you update your information with HMRC as soon as you move house.
The extent of the fine you will have to pay depends on your circumstances. For example, if you have a history of not notifying HMRC of changes, your fine may be higher.
What are HMRC’s Responsibilities?
HMRC is responsible for collecting taxes and enforcing tax laws in the UK. They also provide guidance on how to comply with tax law and help businesses and individuals with their tax affairs. This is important because many small business owners are experts in their industry but don’t have much experience with tax law. HMRC can provide support and guidance to make sure you’re complying with the law and minimising your tax bill.
In addition to collecting taxes, HMRC also administers certain benefits and allowances, such as the state pension and child benefits. This is done in coordination with other government agencies, such as the Department for Work and Pensions. In order to receive all the benefits you are entitled to, it’s vital that you keep HMRC updated with your personal details so that they can administer the benefits correctly.
What does Companies House do?
Companies House is a government agency that deals with the incorporation and registration of companies in the UK. They are also responsible for filing annual reports and accounts for companies.
If you have a business, it is important that you know how to deal with Companies House to avoid any problems. As with HMRC, Companies House can be a very useful organisation and you shouldn’t feel nervous about dealing with them. Just make sure you have all the information you need and that you give yourself lots of time to complete all necessary paperwork.
If there is anything you are unsure about, speak to Companies House directly. They will be able to give you specific advice about your company.
What do you Need to Notify Companies House About?
In addition to notifying HMRC of your change of address, you will also need to notify Companies House. This is because they are responsible for filing annual reports and accounts for companies, and they need your updated information in order to do this correctly.
You can notify Companies House of your change of address by filling in a form on their website. The form you need to fill in depends on your company’s registration type – for example if your company is limited by shares or limited by guarantee.
As well as a change of address, you also need to notify Companies House of other changes, such as a change in your company’s registered office address or the appointment of a new director. This is vital information because it helps to keep Companies House up-to-date with the latest information about your business so that they can properly administer your company’s filings.
Tips for Dealing with HMRC and Companies House
Dealing with HMRC and Companies House can be daunting, but there are some things you can do to make the process easier.
First, make sure you keep on top of your correspondence from both organisations. This way, you can be sure that you’re up to date with any changes that might affect you such as a change in tax rates or the introduction of new benefits.
Second, if you’re unsure about anything, don’t hesitate to get in touch with HMRC or Companies House directly. They will be able to give you the information you need to ensure that you’re complying with the law and won’t overpay on taxes.
Third, it’s a good idea to use an accountant to help you with your tax affairs. An accountant can make sure you’re claiming all the deductions and allowances you’re entitled to, and can also help you to complete your tax return. This can save you a lot of time and stress, and can also help you to minimise your tax bill.
Finally, there are a number of organisations that can provide help and support if you’re struggling to deal with HMRC or Companies House. These include Citizens Advice, Which?, and the Federation of Small Businesses.
Where to Find Out About Tax Policy Changes
The best place to find out about any changes in tax policy is on the HMRC website. Here, you can find information on a range of topics, from personal taxes to business taxes. You can also find information on recent changes to the tax system, as well as guidance on how to comply with the law.
Who Can Help With Your Taxes and Finances?
As noted above, if you need help with your taxes or finances, there are a number of organisations that can provide assistance. These include HMRC’s helpline, Citizens Advice, Which?, the Federation of Small Businesses, and accountants and tax advisors. All of these can help you with a range of issues, from completing your tax return to dealing with HMRC.
In addition, you may want to speak to:
An accountant can help you with all aspects of your financial affairs, including filing your tax return and dealing with HMRC. If you have a business, they can also help you with things like bookkeeping and preparing financial statements.
A Tax Lawyer
A tax lawyer can provide you with specialist advice on all aspects of tax law. They can help you if you’re having problems with HMRC, or if you’re unsure about your obligations under the law. Tax lawyers can also help you with tax planning and can represent you in court if necessary.
A Financial Advisor
A financial advisor can offer you advice on a range of financial matters, from investing to retirement planning. They can also help you with budgeting and managing your money. If you have a business, they can provide advice on things like business loans and financial planning.
How to Register a New Business
If you’re thinking of starting a new business, you need to register with HMRC. You can do this online, and it only takes a few minutes. When you register, HMRC will assign you a unique tax reference number – also known as your Unique Taxpayer Reference (UTR). This number is used to identify you and your business for tax purposes.
How HMRC Helps Small Businesses
HMRC offers a range of support for small businesses, from help with tax returns to advice on complying with the law. HMRC also has a dedicated helpline for small businesses, which you can call if you need assistance with your taxes.
In addition, HMRC offers a range of schemes and initiatives to help small businesses save money on their taxes. These include the:
The Employment Allowance is a scheme that allows businesses to reduce their National Insurance Contributions (NICs) bill by up to £3000 per year. To be eligible for the Employment Allowance, you must have at least one employee and your business must be registered for PAYE.
Simplified expenses allow businesses to claim a flat-rate amount for certain types of business expenses, rather than having to calculate the actual cost. This can make it simpler and cheaper to prepare your accounts.
Capital Gains Tax (CGT) Entrepreneurs’ Relief
Capital Gains Tax (CGT) Entrepreneurs’ Relief allows you to pay a lower rate of CGT on the sale of your business. To be eligible for Entrepreneurs’ Relief, you must have owned your business for at least 12 months.
Start-Up Loan Scheme
The Start-Up Loan Scheme is a government-backed scheme that provides loans of up to £25,000 to businesses in their first year of trading. The loans can be used for a variety of purposes, including starting or expanding your business, buying equipment or marketing your business.
Research and Development Tax Credits
Research and Development Tax Credits are a scheme that allows businesses to claim back up to 25% of their research and development costs. The credits can be used to offset your Corporation Tax bill and can be claimed for both new and existing products.
For more information on these schemes and others, visit HMRC’s website.
The simple answer to the question “Do I need to notify HMRC of a change of address?” is yes, as soon as possible. It is always advisable to stay on top of your taxes and finances and to notify HMRC of anything that could potentially affect your tax liability. However, HMRC is not an organisation that you should be afraid of. Par of its function is to offer a range of support for businesses, from help with tax returns to advice on complying with the law. If you are unsure about anything, get in touch with HMRC and they will be able to advise you.