You’ll need to register for Self Assessment and Class 2 National Insurance as soon as you can after starting your business. You need to do this even if you’ve completed returns before.
You must complete a self-assessment tax return if you are in business, either as a self-employed person or as a company directors.
Right advice from the expertise can make completing your income tax return relatively painless.
You can complete your income tax return yourself or ask your accountant to do it on your behalf.
Deadlines: You need to file your income tax return online by 31 of January following the end of tax year -5th April.
You should always plan and work to meet these deadlines. Failure to file and pay any resulting tax on time will result in penalty charges.
Alternately if you want to submit a paper income tax return, it should be done by 31st October.
Register by 5 October in your business’s second tax year. You could be fined if you don’t.