Closing business

luverlyjuberly

I want to close my business but I cannot find out how to notify HMRC. Is there a form you can download off their site or a telephone number I can use? Thanks for any help.

bris

Is it a ltd company, this is done through companies house, if your a sole trader or partnership you dont really need to do anything because it will just be reflected on your self assesment. If you are VAT registered you need to inform them and de register, you can get the forms through their helpline.

InsideInsurance

Were you a sole trader or a limited company?

If it is a sole trader you just phone HMRC and advise them you've ceased trading. If you do that "now" then you'll stop paying the NI Class II payments immediately and will have one final tax return to do by Jan 2014 where again you enter the fact you've ceased trading

luverlyjuberly

Due to illness i have not traded since before April 2012 (in fact the business did not even start - no stock or sales) and want to say i ceased trading in April 2012. Because of the delay notifying them will I be fined by the taxman? Thanks.

heather_helo

when you submitt your tax return for year ended 5th April 13 there is a box for date of cessation. if you have filled that box in it should be ok. no other action required, but remember if you get a notice to do a tax return for 5th april 2014 you need to get in touch with hmrc.

also remember to write or ring ni office also to cancell your nic contributions if your paying them via d.d