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 delay in informing HMRC by three months of more you may have to pay a £100 penalty. When self employed you will also need to start paying class 2 NIC to HMRC or apply for an exemption if under the limit.

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