Closing a business

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glitterball

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Hi,

I have been running my mobile business (evenings and weekends) for the past 8 months however after much thought I have decided to give it up. I work full time and have been promoted which brings along with it more responsibility and variable working hours therefore I can't dedicate my time to both.

I have some questions about what to do next... Do I inform the Inland Revenue now or wait until my tax return? Also what do I do with my website and business banking?

Woud be grateful for any advice.

xx
 

*Garfield*

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You need to tell the Inland revenue as soon as you stop trading, you will have forms to fill in and will get a tax return to complete in April that you will enter all your final income/assets etc on so they can calculate wether you owe any tax. Not sure about website and bank accounts though, although Im sure you should be able to close your account.:hug:
 

glitterball

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Are you taxed on income if you have made a loss?
 

*Garfield*

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NO Hun, you are only taxed on any profit or any assets your business has.:hug:
 

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