Closing Sole Trader Business

T

taz

Registered User
Messages
31
My husband has had his own plumbing business (sole trader) since late 2006 and has got offered a full time PAYE position that he is accepting. In realtion to the plumbing business now what are his options, does he cease trading and if so what needs to be done?

Thanks
 
I presume that a sole trader just needs to pay any creditors and then stop trading? Unlike a limited company where there are specific steps to be taken when ?
 
A quick phone call to the Revenue office to let them know wouldn't do any harm. As suggested, ceasing trading would normally do, but advising Revenue should stop any further VAT3 forms, IT forms, Revenue notices etc. from arriving in the post.
 
ButtermilkJa said:
A quick phone call to the Revenue office to let them know wouldn't do any harm. As suggested, ceasing trading would normally do, but advising Revenue should stop any further VAT3 forms, IT forms, Revenue notices etc. from arriving in the post.
Click to expand...

Inform them in writing, asking them formally to de-register you from self-assessment. By phoning, you are relying totally on willingness/capacity of the person who takes your call to actually do anything about it.
 
Beware if you have claimed vat on any stock and or assets that you hold at the date of cessation. These will be treated as a self supply as at the date of de-registration. You will have to pay VAT on the assets based on their market value.
 
Re: Closing Sole Trader Business- Further Question re: Accounts

Thanks for all the help, I have another query in relation to his accounts, do they have to be submitted by October or is there any requirement to submit accounts as he is no longer trading, someone had said in the past to keep all the account info. but no need to submit them???
 
I would imagine he will need to submit returns for whatever period he has been actively trading after his last submitted returns.
 
You must log in or register to reply here.
Menu
Log in
Register