Employed and Self Employed, closing down business. Do I need to make a tax return?

KRS291

Hello everyone,

Heres the situation and I can't seem to find anything on the HMRC website regarding this: I started a photography business and registered myself as a sole trader in additional to being employed. I did this around May 2013. I did a couple of jobs, but never charged to grow a portfolio. I now want to finish the business as I don't have the time for it anymore what with renovating my house whenever I am home from my full time job working offshore. Do i need to make a return by the end of January online 2014 for the 2012/13 tax year or can I leave it until next year? Also, whats the easiest way to close the business, deregister myself as a sole trader/self employed, considering that never took any money?

Many thanks!

zygurat789

KRS291 wrote: »

Hello everyone,

Heres the situation and I can't seem to find anything on the HMRC website regarding this: I started a photography business and registered myself as a sole trader in additional to being employed. I did this around May 2013. I did a couple of jobs, but never charged to grow a portfolio. I now want to finish the business as I don't have the time for it anymore what with renovating my house whenever I am home from my full time job working offshore. Do i need to make a return by the end of January online 2014 for the 2012/13 tax year or can I leave it until next year? Also, whats the easiest way to close the business, deregister myself as a sole trader/self employed, considering that never took any money?

Many thanks!

Have HMRC sent you a tax return electronically, have you checked? If they have you MUST return it completed within the deadline or you will be in allsorts of everything.
Since you started in May 2013 and the 2012/13 tax year ends 5 April 2013 your self employed income and expenses are nil so, if you have not been sent a return you do not need to submit one.

KRS291

You're a star, thanks for that. I gave HMRC a call this afternoon and sorted everything out and you were exactly correct. Cheers