If your business has stopped trading, or you are no longer self-employed, it’s important to notify HMRC as soon as possible. If you fail to let HMRC know that your business is no longer trading you’ll still be treated as an active taxpayer and receive a fine for not completing a Self Assessment Tax Return if you are required to do so. With the 31st January Self Assessment Tax Return deadline fast approaching it’s important ensure you have notified HMRC before that date in order to avoid any fine.
It’s straightforward to send HRMC notification of a business that has ceased trading or that you are no longer self employed. All you’ll need is your UTR number and your National Insurance Number (these can be found easily by logging into the HRMC App.) Login and follow the simple instructions on the Government Website.
If your business was still in operation even for part of the April 2023 – April 2024 tax year you may still need to complete a tax return and pay any associated tax bill. Your Gooding Accounts’ Client Manager can help you determine whether you’ll need to complete a final tax return.
You should also remember to submit your company’s final accounts and confirmation statement to Companies House, and transfer any remaining intellectual property. By completing these actions, you’ll ensure that your company is formally dissolved and ceases to exist.
Our friendly and helpful approach to accountancy, ensures that you understand and are in tune with your finances. Our committed team will communicate with you every step of the way so that you understand the position of your financial affairs – get in touch today.
