Clarion Futures Self Assessment Guide for HMRC

What happens if I stop trading? You should let HMRC know that you are no longer self employed. You will still need to complete a self assessment after the tax year has ended as you may have had profit. HMRC will want to know what your trading income was and your allowable expenses which can include costs for closing your business. If you sell equipment, you may pay capital gains unless its within your capital allowance, so HMRC will also want to know these figures.

https://www.gov.uk/stop-being-self-employed https://www.gov.uk/capital-gains-tax/allowances

Need More Advice? Contact Clarion Business Support Unit for more advice: bsu@clarionhg.com