Self employed - changing nature of business

millennial

Hello,

Not sure if this is the correct category to post this in but hopefully someone can advise.

I have changed the nature of my business (from sports therepy to IT services) and wondering if I have to notify HRMC of this change, with respect to my self employment? And if so, how would I go about this?

Many thanks in advance!

Jeremy535897

Technically speaking, you have ceased one trade and started a new trade. You would complete two SA103S forms for the relevant tax year, one for each business, showing the cessation date and commencement date on each form. However, if there were no losses to carry forward in the ceased business, and no assets on which capital allowances had been claimed, in reality it would make no difference to your tax liability, so you could do one SA103S and state in the additional information box the facts about the change in description of the business. You could phone up HMRC and ask whether this would be acceptable, and refer to the conversation on the form if it is acceptable.