Closing down self employed business?
If he has been issued Tax Return form he needs to submit it to his tax office and on this form inform about closing business. If you will close self-employment over the phone or by letter, you might still need to sent Tax Return or you migh be asked to send it in the future, so the best idea is to close it with Tax Return. It has happen to me that I have been closing self-employment for 12 months with several letters sent to and from HMRC. And if you do not close it before 5th of April you will need to send Tax Return for the next year too!!! I have used accountant to get it sorted as HMRC kept sending me penalty notice.
by yooppia - 8 hours ago
Does he have an accountant? If so he shoul know. If not contact HMRC they should be able to help as it depends on the type of company.
by Mark J - 8 hours ago
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