There are many reasons to change your business name, maybe you’re re-branding, changing what your business supplies slightly, or perhaps you just want to a change!
Either way, here are the basics:
- It will cost you £8.
- It will take 2 days to update on Companies House.
- You need to update all tax schemes separately.
Now, in more detail…
Depending on your company structure, the process is slightly different, but you’ll find everything under “account details” in your government gateway login. Here you’ll likely see Corporation Tax, PAYE, VAT and any other tax scheme you’re under.
You have to go into each section and select “change address.”
For the corporation tax, this will take you to companies house. This is where you pay your £8 fee, and let HMRC know of the change. You’ll then receive a certificate of incorporation with details of the name change.
For PAYE, you’ll be taken into the PAYE tax portal, where you can update your company name and wait for the changes to be made. This is the easiest one to change.
For VAT, the process is slightly more complicated, and will involve you filling out this form. You then have to post it to them by mail, so leave some time for this! Alternatively, you can download a filing software, which you can get upon request to HMRC by filling out this form. This will make any changes like this easier in the future, and will also allow you to file your annual accounts from, if needed.
Remember! All of the above applies for any change you’d like to make to the business, such as changing directors or address, so it may be best to make all of the changes together.
Need assistance with your accounts? Contact us for your free review of your accounts, and throw in a quick question about changing your name if you need further help with that too.