Hi all,
Hope you don't mind my asking, I've searched (Albiet briefly) and can't find an answer to my questions. I've been a sole trade for about 19 months, and just finding it nigh on impossible to get beyond eeking out a living each month. Holidays are a no-go, and if unforseen expenses come up, I find it hard to cope with them.
With that in mind, I'm considering winding up my business. I'm VAT registered despite never exceeding the cumpulsory threshold for registering for VAT - this was on the advice of the franchise owner I bought into so I could claim back VAT on equipment and training. I'm worried that if I de-register as a sole trader, that I'll be liable to pay back the taxes on my equipment. Could someone perhaps shed some light on this?
Ideally, I'd love just officially wind the business up, go get a PAYE job and pay off my business loan as normal.