Who should I inform if I stop trading as a sole trader?

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I have been doing business as a sole trader for two years, but business has been winding down and I don’t plan on trading anymore. Who am I supposed to inform if I stop trading?

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If you want to stop trading as a sole trader, you need to notify HMRC using this online form.

HMRC will cancel your Class 2 National Insurance Contributions and you will be required to complete a final Self-Assessment tax return to report your sole trader income up to the date you stop being self-employed.

Your final Income Tax bill and Class 9 NIC should be paid by 31st January after the end of the tax year that you stop being a sole trader.

If you are registered for VAT, you must cancel your VAT registration. If you employ people, you will also have to close your PAYE scheme and complete final payroll reports for HMRC.

a year ago
 

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