This paper presents the results of FEM numerical calculations aimed at describing the plastic strain and stress fields under critical loading conditions: tensile force or torsional moment. The calculations were carried out with reference to the results of experimental tensile and torsional tests of flat PMMA specimens weakened with V-notches of different root radii: 0.5, 2 and 10 mm. The procedure for conducting nonlinear numerical analyses is described, including the determination of the actual hardening curve by the hybrid method. A high level of consistency between the results of the experimental and numerical calculations was obtained through description of PMMA with the elastic–plastic material model. The points of occurrence of stress maxima and plastic strain were indicated, which were taken as potential crack initiation sites. On the basis of the stress and plastic strain values measured at the critical points, a stress–strain fracture criterion was formulated, which was then positively verified.