SA form help please-Ending Business
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dinger
Posts: 35 Forumite
in Cutting tax
I am a sole trader "one man/woman band" my year ending date is 31st December. In my last year of trading I traded up until the end of June 2003 which was included in my accounts to 31st December 2003. The results of which was included in last years (2003/2004) SA return.
At the time I ceased to trade I was unsure whether I wanted to return to the business. I continued to pay my self employed NI contributons so that I could start again should I choose to do so. I added words to this affect in the additional information box on my 2003/2004 return.
Since June 2003 I have not returned to the self employment and have now made my mind up that I will not be returning to it.
My query is that I do not know what date to put on my tax form as being the date I gave up self employment? Was it the last day I worked in June 2003, 31st December 2003 or an approximate date some time this year when I sat down and said "OK I'm not going back to it"?
I am aware that maybe one date may be more beneficial than another as I understand that there will be a balancing charge or allowance with regard to the value of the fixed assets at the close of business.
I have the shortened version of the tax form this year.
In previous years I employed an accountant to do my accounts and tax return but being a typical money saver I did not want to pay an expensive fee for what should be a bit of simple form filling. That's assuming someone here can help.
Any advice much appreciated, thanks in advance.
At the time I ceased to trade I was unsure whether I wanted to return to the business. I continued to pay my self employed NI contributons so that I could start again should I choose to do so. I added words to this affect in the additional information box on my 2003/2004 return.
Since June 2003 I have not returned to the self employment and have now made my mind up that I will not be returning to it.
My query is that I do not know what date to put on my tax form as being the date I gave up self employment? Was it the last day I worked in June 2003, 31st December 2003 or an approximate date some time this year when I sat down and said "OK I'm not going back to it"?
I am aware that maybe one date may be more beneficial than another as I understand that there will be a balancing charge or allowance with regard to the value of the fixed assets at the close of business.
I have the shortened version of the tax form this year.
In previous years I employed an accountant to do my accounts and tax return but being a typical money saver I did not want to pay an expensive fee for what should be a bit of simple form filling. That's assuming someone here can help.
Any advice much appreciated, thanks in advance.
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