BTC - commencement of trade
val0123
Registered Posts: 42 Regular contributor ⭐
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
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
0
Comments
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Hiya
they have to notify the HMRC within 3 months of trading.
HTH
Karen0 -
0
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Brilliant, thanks0
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