I'm a sole trader and have been trader under a business name for 4 years. I am fully tax compliant and want to cease trading as the business name. How do I go about this?
I want to begin trading in a new line of business.
Thanks for the quick reply. One last question...... I forgot to ask in the old post...
For income tax purposes should I file for the last few months of the old business name separately to the new business name?
ie Business 1 tax year 2010 needs paying and filing and business 1 ceases today lets say. (Nothing earned between January and Now) and business 2 started in March of this year and has a Financial year jan - Dec...
As a sole trader you are trading under your pps number (which is probarbly the same as your vat number).
Any taxes due are due on that number.
If business "a" sells the assets at a write down value to business "b" and both are sharing the same vat number - I think you are looking at a straight "interbusiness transfer".