Once I start trading when should I notify HMRC?
You should inform HM Revenue and Customs (HMRC) if you intend to trade as an individual or as a partnership as early as possible. If you do not inform HMRC within three months of starting to trade you will incur a £100 penalty.
When commencing trade you should also start to pay Class 2 National Insurance Contributions. If you self employed income is below the threshold set by HMRC each year then you can apply for an exemption.
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