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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.

Disclaimer

The content and advice is for information only. Last updated 26.07.2009.

For up to date information and advice, based on your specific circumstances, please contact us.

We cannot be held responsible for actions taken with reference to the content contained on this website.

 


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