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 - 6 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 - 6 hours ago
Setting up Your Company to Obtain a Small Business Loan
If you’re looking to expand your business, you may be considering getting a loan. In order to achieve that goal, you’ll need...
From hobby to wine in the sky: Whitewater Vineyards
Gout de terroir. Wine aficionados are familiar with this phrase, which refers to the “taste of the soil” that...
Less Stress Spells More Tech Spending for Small Business Owners
More than half of small business owners would now rather invest in their businesses than stockpile cash, according to new...
Volume of Loans to Small Business Increases First Time Since 2010
Healthy sales and strong profits are making private U.S. companies increasingly attractive prospects to bank lending...
Starting out: It’s Time to Get Organized
You are the creative mind behind your business. The entrepreneur. The genius. Certainly, you shouldn’t have to spend a lot...
The lien on your business you never knew you had
If you have ever applied for any type of business loan, you may be shocked to learn that there could be a lien filed against...