BTC - commencement of trade

val0123

Hi,

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.

Thanks

pirate

Hiya

they have to notify the HMRC within 3 months of trading.

HTH

Karen

pirate

see this
http://www.hmrc.gov.uk/leaflets/se1.pdf

val0123

Brilliant, thanks