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  • FIRST POST
    • WorkFromHome
    • By WorkFromHome 10th Nov 18, 3:44 PM
    • 142Posts
    • 307Thanks
    WorkFromHome
    Business didnít get off the ground (tax?)
    • #1
    • 10th Nov 18, 3:44 PM
    Business didnít get off the ground (tax?) 10th Nov 18 at 3:44 PM
    I started a business in September and set up with HMRC but it didnít take off. I accumulated debt but receive no income so decided to quit it before things got worse. I set up as a sole trader and now wondering if I have to wait until April to do the self-assessment or if I can just cancel it? I didnít earn anything so does it matter?
    DEBT: 27/12 £4060 6/1 £3906 15/1 £3756 30/1 £3700 7/2 £3911 19/4 £3108.93 31/5 £3095.12
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Page 1
    • lss22
    • By lss22 22nd Nov 18, 7:34 PM
    • 1 Posts
    • 1 Thanks
    lss22
    • #2
    • 22nd Nov 18, 7:34 PM
    • #2
    • 22nd Nov 18, 7:34 PM
    You can submit your return any time as long as you've had the letter from HMRC asking you to send a return in.

    It would be in your interests to do it, as if you've made a loss, you can offset that against your other income and reduce your tax liability.

    Depending on the amount of the loss you've made, and your other income/tax liability, it might be worth speaking to an accountant for some advice.
    • 00ec25
    • By 00ec25 23rd Nov 18, 1:59 PM
    • 7,801 Posts
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    00ec25
    • #3
    • 23rd Nov 18, 1:59 PM
    • #3
    • 23rd Nov 18, 1:59 PM
    if you had costs but no income be careful in case HMRC question whether the business actually was undertaken on commercial lines with a view to genuinely trading and making a profit. They are looking for people whose "business" is a cover for their own hobbies and the expenditure thereon.


    can you evidence activity intended to produce clients, eg advertising, networking etc. The failure to get clients is not important, but the proof you tried to may matter.
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