First-Year Business Tax Checklist for the UK

Starting a Business · 9 min read · Updated 2026-03-23

A comprehensive checklist for new UK business owners covering HMRC registration, bank accounts, record keeping, VAT, expenses, and preparing for your first tax bill.

Written by Krishna, Founder & HMRC-registered tax agent at TaxRoot.

When do I need to register my new business with HMRC?

If you are a sole trader, you should register for self assessment as soon as you start trading, and the formal deadline is 5 October following the end of the tax year in which you started. For example, if you start trading in September 2026, you must register by 5…

Related TaxRoot services

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• VAT returns — from £39/month
• UK Limited Company Registration — £100

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