Closing a Small Business & Re-starting......?

newsaver40

Hi Guys,
i'll be closing my website business after a year (basically it failed, due to starting it up without thinking it all through ).
The thing is, i'd like to start up another online business and this time i've done all my research, i've got a nice little business plan, found some good suppliers etc.

But how do i actually go about closing the old business and starting up the new one?
I'm a Sole Trader, so i know i don't have to inform Companies house or anything. So is it a matter of just to stop trading and informing my Bank and HMRC?

bris

You don't need to tell anyone. You will still be a sole trader so HMRC are indifferent to what you sell as long as it's all declared to your tax return.
The bank are the same unless it's in you current trading name which you will need to change to a new trading name, i,e Joe Bloggs T/A bits and piecies. If no trading name is involved just leave it as is.
What about merchant services, you may need to change details with them, unless it's just paypal.
Is VAT involved? If so just change the trading name with them too, you would only need to de register if you were a ltd company.

Lastly, what about creditor's, will they be chasing you? As a sole trader you can't run from them.

newsaver40

Yes, the name of the business will be changed, there's no VAT involved as i had a very small business and i have no business debts.....so won't be running from anyone!
Thanks for the info though Bris.