Advise HMRC if you stop being self-employed
18/12/2018

Any taxpayers that have ceased to be self-employed must advise HMRC of their change in status. There are a number of steps that must be followed if a taxpayer stops trading as a sole trader or if they are ending or leaving a business partnership. This is required so that HMRC can help to get the taxpayer's affairs in order.

Taxpayers must send in a Self Assessment return by the relevant deadline and will need to work out their trading income, allowable expenses and any Capital Allowances. Taxpayers must also determine if they have any Capital Gains Tax (CGT) to pay.

They may also be able to claim back any overpaid tax or National Insurance. It is also important to check if there is an entitlement to tax relief by way of entrepreneurs’ relief, overlap relief and / or terminal loss relief. There are also other reliefs available that may reduce the amount of CGT due

Taxpayers that owe tax or National Insurance and have difficulty paying it, may be able to negotiate an agreement with HMRC for more time to pay. In addition, where a VAT registration was in place this will also need to be cancelled and anyone who employed staff will need to close their PAYE scheme and submit final payroll reports.


Legals

Registered in Cardiff. Company Registration Number: 4708031 VAT No. GB 685 5090 08 Copyright © 2019 Ace Accountants Ltd
Cookies Policy
Privacy Policy

Follow Us

|   |  

Membership

   
 

Find us!

Ace Accounting main office
The White House, Denchworth Road, Grove, Oxon, OX12 0AR

Call Us: 01235 773300
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Follow Us