Client ran a trade as part of a company which went into liquidation in February 2018. Client then started again with the same trade as self-employed from March 2018. She didn't register as self-employed at the time with HMRC. However she has a UTR and has submitted a tax return for several years, including 2017/2018 (which didn't mention this self-employment). Client thought that as the trade was loss-making / below the personal allowance she didn't need to register.
My thoughts: First year of business runs from March 2018 to February 2019, therefore falls into tax year 2018/2019 and turnover, profits, etc should be included in the 2018/2019 self-assessment tax return (i.e. HMRC have not lost any revenue).
Are there any penalties for late registration? Any other penalties?
HMRC website, as usual, is useless. Just refers to completing an on-line re-registration form if a UTR already exists.
Thanks as always.