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Ending Self-employment
justkat
Posts: 2 Newbie
Hi,
I have been running a very small business for a couple of years just as a bit of a sideline however in the last few months it has kind of fizzled out and I would like to inform the relevant parties that I am ending self employment. I haven't really got a fixed date when it ended as like I say the business has just kind of dried up over the last few months, I haven't been doing anything with it due to lack of time and other commitments. I haven't made any sales or made any purchases for about 3 months so can I just pick a day and say that is when my self-employment ended? I was thinking 10th October as this would be exactly 2yrs since I set up so would keep things neat!
Who do I need to inform and in what order? I haven't yet completed my tax return for 2011/2012 (doing it online), do I say on that return that I have ceased trading or do I wait until next year when I do 2012/2013 return?
Hope this all makes sense!
p.s I am a sole trader
I have been running a very small business for a couple of years just as a bit of a sideline however in the last few months it has kind of fizzled out and I would like to inform the relevant parties that I am ending self employment. I haven't really got a fixed date when it ended as like I say the business has just kind of dried up over the last few months, I haven't been doing anything with it due to lack of time and other commitments. I haven't made any sales or made any purchases for about 3 months so can I just pick a day and say that is when my self-employment ended? I was thinking 10th October as this would be exactly 2yrs since I set up so would keep things neat!
Who do I need to inform and in what order? I haven't yet completed my tax return for 2011/2012 (doing it online), do I say on that return that I have ceased trading or do I wait until next year when I do 2012/2013 return?
Hope this all makes sense!
p.s I am a sole trader
0
Comments
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You inform HMRC by phone and they will sort it out.
You will still need to do both the tax returns you mention and on the 2012/2013 one you note that you have ceased trading.0 -
Thanks, have read online do ring NIC helpline and to write to my local office to inform them...but I can't find details of my local office anywhere?!0
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Yes, you will definitely need to complete a tax return for 2012/13: there is a field where you put the date that you ceased trading and it is important that you complete this.
Some posters thought that informing HMRC over the phone would be enough but the information was not recorded officially. You can let them know now if you want to stop paying Class 2 NIC.Who having known the diamond will concern himself with glass?
Rudyard Kipling0 -
Simple to find your local tax office using this link....
http:// search2.hmrc.gov.uk/ kbroker/hmrc/locator /locator.jsp?type=3
Youll need to delete the spaces, i cant post links yet.0
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