Individuals who registered as self-employed during the 2016/17 tax year have until 5 October 2017 to register with HMRC for self-assessment.
Research by resource platform Informi found 1 in 4 small business owners have previously failed to submit their tax returns on time, with 7% missing the 31 January deadline on multiple occasions.
Registration for self-assessment is done via the HMRC website.
Once completed, you will receive a 10-digit unique taxpayer reference to complete your self-assessment tax return.
Failure to meet the registration deadline can lead to penalties imposed by HMRC.
This can amount to up to 30% of the tax bill which is owed, unless this is paid in full by the online tax return deadline of 31 January 2018.
However, the average fine for those missing the deadline in the Informi study was £284.56.
13% of the late returners polled faced a penalty charge which exceeded £500, with another 2% fined more than £800.
All your income received during the tax year running from 6 April to 5 April must be accounted for in a paper tax return – this needs to be posted to HMRC no later than 31 October 2017.