The Wholesale Forums

[Novax61]

I started trading in earnest at the beginning of december last year, and am now trying to get things sorted on the tax and NI etc side of things. I am registering as self employed within the 3 month time limit, but now I have found out that if you haven't done a tax return before the end of january there is an automatic £100 fine. Is there any way round this or do I take the hit and chalk it up to experience?
I wish I had researched all this before I started!

[Anthony]

You have misunderstood the rules. As you started trading in November last year you don't need to fill out a tax return until the following year. So next January you will be required to fill one out from Dec06-April07 in time for the deadline (which is usually 31st Jan).

So you don't need to worry, you aren't subject to a fine. You do however need to ensure that you register as self-employed within the 3 months of trading.

(Some of this post only applies if you are actually registered as self-employed. I had to change my post slightly as I realised you haven't yet signed up for self-employment, initially I thought you said you had signed on in Dec).

HTH

[Novax61]

Thats a relief! Thanks Anthony!