Author: Glenn

Certain company changes—like a new registered address, email, or director—must be reported to Companies House promptly. Failure to update records risks penalties and non-compliance with UK company law.

These include the following:

Updating the registered office address

If you change your company’s registered office, you are required to notify Companies House. Note that the new address must remain within the same part of the UK where your company was initially registered. For instance, a company incorporated in England and Wales must maintain its registered address within those regions.

Your company’s new address will only be officially changed once Companies House has registered the update. Once this is done, they will automatically inform HMRC.

Changing the registered email address

If you need to update your company's official email address, this involves a separate process. To change a registered email address a request should be made at https://find-and-update.company-information.service.gov.uk/registered-email-address

Other changes that require notification

You should inform HMRC if there are updates to your contact information, business name, or if you appoint an accountant or tax adviser.

You must also notify Companies House within 14 days of any changes involving:

• Company directors or their personal details
• Individuals with significant control (PSC)
• The address where you keep your records, and which records you keep
• Appointment or resignation of company secretaries

Finally, if you issue new shares, Companies House must be notified within a month.

You can report these changes using the Companies House online service or by submitting the appropriate paper forms.

Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost to their employer by 6 July 2025. Miss the deadline, and tax becomes unavoidable.

This repayment process is known as "making good," and requires the employee to repay the employer for private fuel no later than 6 July following the end of the tax year. For the 2024–25 tax year, the repayment must be completed by 6 July 2025.

If the repayment is not made by the deadline, the employee becomes liable for the car fuel benefit charge. This charge is calculated based on the vehicle’s CO2 emissions and the car fuel benefit multiplier. The charge applies regardless of the actual amount of private fuel used, making it potentially costly for employees who only use a small amount of fuel for private journeys, such as commuting.

To avoid the tax, the employee must fully repay the employer for all private fuel used during the year, including fuel used to travel to and from work. Accurate record-keeping is essential, as HMRC will only accept that no benefit has arisen if the full cost is repaid by the deadline. In many cases, repaying the private fuel cost can be more financially beneficial than paying the fuel benefit charge.

From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and Gains (FIG) regime, now determined by UK tax residence, not domicile. Reporting obligations have expanded significantly.

Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC, regardless of whether they had previously claimed remittance basis or are claiming relief under the FIG regime.

Former remittance basis users not eligible for the new FIG relief will now be taxed on newly arising foreign income and gains in the same way as other UK residents. However, they will still be taxed on any pre-6 April 2025 FIG that is remitted to the UK.

A key feature of the new regime is the 4-year FIG exemption, available to new UK residents who have not been UK tax resident in any of the 10 preceding tax years. These individuals can opt to receive full tax relief on their FIG for up to four years. Claims must be made through a Self-Assessment return, with deadlines falling on 31 January in the second tax year after the relevant claim year.

Importantly, claims can be made selectively in any of the four years but must include quantified figures for income and gains otherwise, tax will be due at standard rates. An individual’s ability to qualify for the 4-year FIG regime will be determined by whether they are UK resident under the Statutory Residence Test (SRT).

Employers must pay Class 1A NICs for 2024–25 benefits by 19 July (post) or 22 July (electronic). These apply to perks like company cars and private health cover—late payment risks penalties from HMRC.

Class 1A NICs are payable by employers on the value of most taxable benefits offered to employees and directors, including company cars and private medical insurance. They are also due on any portion of termination payments exceeding £30,000, provided that Class 1 NICs have not already been applied.

To ensure the payment is correctly allocated, employers should use their Accounts Office reference number as the payment reference and clearly indicate the relevant tax year and month. It is important to note that Class 1A NICs paid in July always relate to the previous tax year.

There are three key dates employers must remember for the 2024–25 Class 1A NICs. Forms P11D and P11D(b) must be submitted by 6 July 2025. Postal cheque payments must reach HMRC by 19 July 2025, and electronic payments must clear into HMRC’s bank account by 22 July 2025.

These contributions generally apply to benefits provided to company directors, employees, individuals in controlling positions, and their family or household members.

Before you agree to buy a business, it is essential to carry out due diligence. This means carefully checking the facts and risks so that you can make an informed decision. Here is a basic checklist to guide you through the process.

1. Review financial records
Ask for at least three years’ worth of accounts, including profit and loss statements, balance sheets, and tax returns. Make sure the figures are consistent and professionally prepared. Check for signs of financial difficulty, falling profits, or unusual expenses.

2. Check VAT, PAYE and tax compliance
Request confirmation that the business is up to date with VAT, PAYE, Corporation Tax and Self-Assessment filings. Ask to see HMRC correspondence and payment records to ensure there are no outstanding liabilities.

3. Look at cash flow and working capital
A profitable business may still have cash flow issues. Review recent bank statements, aged debtor and creditor reports, and understand how money flows in and out of the business.

4. Understand what is being sold
Clarify what you are buying – assets, goodwill, stock, customer lists, contracts, premises, or an entire company. Make sure the seller has legal ownership of these and that contracts can be transferred.

5. Review key contracts and agreements
Look at customer contracts, supplier terms, leases, loans, and employee contracts. Check for clauses that may affect your ability to continue trading in the same way after purchase.

6. Investigate legal matters
Ask if there are any ongoing legal disputes, unpaid claims, or employment issues. You may need a solicitor to help you with this part of the due diligence.

7. Assess staff arrangements
Find out how many staff are employed, what their roles are, and what their terms and conditions include. You may need to honour these under TUPE regulations.

8. Review systems and processes
Check whether the business has good systems for bookkeeping, payroll, compliance, and customer management. Poor systems may mean extra costs after purchase.

Final advice
Proper due diligence helps protect you from future problems and ensures you are paying a fair price.

Always work with your accountant and solicitor when buying a business.