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Accountant London: What to do if you’re no longer self-employed?

October 26, 2018 alistair bambridge
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If you have stopped trading as a sole trade or you’re ending/leaving a business partnership then you must notify the HMRC. This will trigger the cancellation of your Class 2 National Insurance. 

In order to notify the HMRC of the ending of your self-employment follow the link below: 

https://www.tax.service.gov.uk/shortforms/form/CeaseTrading

  

File a tax return

You are still required to file a tax return if you have had any self-employed income during the tax year- even if it hasn’t been for months. In the tax return you will need to:

·       work out your trading income

·       add up your allowable expenses - this may include some of the costs involved with closing down your business, eg phone, internet and postage costs of letting people know

·       calculate your capital allowances, including any balancing charges if you’ve sold business equipment or machinery

·       work out if you owe Capital Gains Tax on any assets you’ve sold or ‘disposed’ of

·       calculate your final profit or loss

 

Reduce your final tax bill

There are a number of ways that you can reduce your final tax bill, such as claiming terminal loss relief.

 

Contact us for advice on reducing your final tax bill

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