If you're self employed, a sole trader or a partner in a partnership you need to let HRMC know. The deadline for informing them is October 5, so rather than leaving it to the last minute and dashing around like an Apprentice contestant looking for a tie, you should get it in early. Why? Because if you miss the date you could face a hefty fine.
So here's our handy bullet point guide to why you should fill it in and what you need to do.
Registration is just the first step. Once registered, you will need to complete a tax return. You must keep proper records of your business transactions for HMRC: keeping on top of your books is essential in order to keep on top of your taxes.
You can make the record-keeping process even easier using financial management software such as QuickBooks where you can file your self-assessment tax return online direct with HMRC in just a few clicks.