There are lots of circumstances in which your personal details change and HMRC and Companies House will want to know. In the following sections, we’ll take a closer look at each topic, with links to the gov.uk website which details how to make those changes.
Changes to your name or address
If you change your name or your permanent or trading address, HMRC will need to update their records. This is so they’re able to contact you, should they ever need to. Failure to do so could lead to issues with your taxes, including missing deadlines when your Self Assessment tax return is due, or when you need to pay a tax bill. You could also be subject to fines, so make sure it’s on your moving to-do list, along with setting up the wifi and figuring out which week you need to put the recycling bin out!
Your new name and/or address details are automatically updated on your new Self Assessment tax return, so once you’ve informed HMRC there are no further changes you need to make. You can inform HMRC of an address or name change here.
Changes to your business records
Any changes to your business records must be communicated to HMRC. Depending on which schemes you’re registered for, you’ll need to make sure you’ve updated your details for all of them. These schemes could be:
PAYE for employers
VAT (you must inform HMRC of any changes within 30 days)
If you’re self-employed or in a partnership, you can write to HMRC using the address on the latest correspondence you’ve received from them, or speak to them via the Income Tax helpline.
If you need to update your details for Corporation Tax, you can write to your Corporation Tax Office using the address found on your most recent tax forms or letters for your tax office address, or speak to them using the Corporation Tax helpline.
If you need to update your details for PAYE you can contact the HMRC employer helpline, or write to the National Insurance contributions and Employers Office: National Insurance Contributions and Employers Office, HM Revenue and Customs, BX9 1BX
Changes to your income
Any changes to your taxable income must be reported to HMRC as soon as possible, including (but n
ot limited to) any new sources of income (passive or active), or if you start/stop receiving taxable benefits. Failure to do so could result in you paying too much or too little tax, or you may even receive an unexpected tax bill at the end of the year. You can update this information here.
If changes are a direct result of the death of a spouse or civil partner, you must also inform HMRC regarding these changes and the effect it has had on your tax credits, or any changes to your income.
Changes to your family structure
Any relationship changes must be reported, including getting married, divorced, if you form a civil partnership, separate from your partner or simply cease to live with your spouse or civil partner.
If you don’t you might find yourself paying more tax than needed, or receiving an unexpected
tax bill at the end of the year. You can find out how to register these changes here.
If you receive tax credits or Child Benefit payments, you must inform HMRC about any changes to your family. As a business owner, if you’ve been including Child Benefit payments or the transferring or receiving of the marriage allowance on your Self Assessment tax return, you could expect a tax implication from any changes made.
Changes to your gender
If you’ve already legally changed your gender by applying for a Gender Recognition Certificate, HMRC is usually automatically informed.
If you also have an employer, you’ll need to inform them of your gender change, as they must legally update your payroll records and National Insurance contributions.
Update their records with your name change (if there is one) and your gender
Inform the Department for Work and Pensions (DWP)
Put a restriction on your records so only specialist HMRC and DWP staff will have access to them
Pass your tax affairs to HMRC’s Public Department 1
You’ll then receive a letter confirming your records have moved, and you’ll be able to contact Public Department 1 directly with any questions you may have regarding your tax or National Insurance.
What else should you make HMRC aware of?
Changes to your company/business’ legal structure, payroll details, bank details, or if you’re selling your company or closing it down, you must inform HMRC. You can find out how to do all this and more on their website.
Should you let anyone else know?
If you have enlisted the services of an accountant it’s always worth telling them of any changes which have been outlined in this article. They’ll be able to advise on what you need to do, and how these changes could potentially affect how much tax you pay.
Staying on the right side of the taxman
As a rule of thumb if anything significant changes in your personal or professional life, it’s worth letting HMRC know. The gov.uk website is a fantastic place to get started and is jam-packed with information on what you need to do and how to do it. Alternatively, your accountant will be able to point you in the right direction and answer any questions you may have.
You can find out more about Aardvark Accounting here.