BTC - commencement of trade

val0123 Registered Posts: 42 Regular contributor ⭐

Does anybody know how long sole traders/ partnerships have to notify hmrc of the commencement of a new trade & what penalties will be imposed if they don't notify them in time ?

I've been reading through the revision notes that i've made and have written down in one instance that hmrc should be notified within 3 months of the commencement of trade, i've also written down that it should be within 6 months of the end of the tax year in which self-employment started !!!

If anybody knows which of the above is correct (if any !) i'd really appreciate the clarification.



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