confused about how to proceed

holly74uk

hi there,
i am not sure if anyone can help with this, but fingers crossed!
for the last few years i have been an ebay seller, registered as a sole trader with inland revenue.
now i am going to stop selling on ebay as i am about to start a different business and i wont have time to do both projects.
my mother in law would like to take over my ebay business as it has many repeat customers.
is it just as simple as me filing a final self assesment with inland revenue and then informing them that i will no longer be trading on ebay, and then my mother in law simply registers with inland revenue herself from scratch?
or will there be a more complex procedure as she is taking over an existing business? ... any advice will be greatly appreciated..many thanks!

antrobus

holly74uk wrote: »

...
is it just as simple as me filing a final self assesment with inland revenue and then informing them that i will no longer be trading on ebay, and then my mother in law simply registers with inland revenue herself from scratch?
....!

Yes. Basically I suspect (to keep things simple) when you come to do your SA return you'll fill in the equivalent of two separate sets of pages; one for the old business, and one for the new.