The UK tax year is 6 April to the following 5 April. So the tax year 2011/12 ended on 5 April 2012.
You will need to complete a self assessment tax return if you are self employed or a limited company director.
Click here to read our free guide on starting a business and registering with HMRC (opens in a new window).
Although the deadline is 31 January for e-filed returns, we recommend that you complete your tax return and submit it to HMRC as early as possible. Click here to download a useful pdf tax return checklist.
A self employed person will pay both income tax and class 4 national insurance (NI) on their profits plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.
Read more about Planning for your self assessment tax bill
This article and video gives easy to follow, step by step instructions on registering a new PAYE scheme with HMRC.
A new scheme can be registered either online at www.hmrc.gov.uk , by telephone ( 0845 60 70 143) or in writing.
If you are turning a hobby into a business or starting a whole new venture, here are some tips to help you get up and running without falling foul of the (UK) tax authorities.
It is possible to reduce your (UK) personal tax and national insurance by running your business via a limited company.
The amount of tax and NI you can save will depend upon several factors including the company’s profitability, your personal circumstances and the amount of funds you wish to withdraw from the business.
Read more about Save Tax and National Insurance with your limited company