Stopping Self Employment & Tax Bill?

mcooke999

I originally posted this in the wrong place (I think)...:

I'm self employed but am considering stopping at the end of this tax year (05/04/2021) to become employed.

Please can someone explain to me what tax I will owe via self-assessment and when it will be due?

I'm assuming that I will need to fill out a tax return after 06/04/2021 detailing my profit for the 20/21 tax year so will HMRC still ask for the usual 2nd POA in July 2021 or will they just issue a final bill, presumably due by Jan 2022 or something?

Grumpy_chap

It is best to engage an Accountant.
No-one can tell you from the detail in the OP what tax you will owe.  You will need to do a self-assessment, just like you have in previous years.
I assume you are already registered as self-employed from previous years.
I assume you submit the SA103s self-employment pages.  There is a box there for the date you ceased self-employment.
The default calculation will show that you need to make PoA for 2021/22, but I think there is a mechanism to change that based on change of circumstances (ceased self-employment).
I am not sure how you need to account for any assets in the business that have been off-set in the past as capital, but will now become non-business assets.
If the above does not all make sense, then employ an Accountant to support you.