I want to stop being self employed.

[James@88]

I have stopped my e-commerce business on eBay since 20th November 2022. I am currently VAT registered and done my recent quarterly VAT for the month August, September and October. For the month of November I didn't have a single sale. Do I still need to do the next quarterly VAT ?

I am still yet to file my self assessment tax year 2021 -2022.

Can I include the tax year 2022- 2023 which is from 6 April 2022 - 20 November 2022 in 2021 - 2022 self assessment or do I need to do it separately ?

What steps do I need to take now to stop being self employed ?

Could someone please provide me some instructions.

If this question was asked in wrong section, could the admins kindly redirect this post to correct section.

Many Thanks.

 

[Gyumri]

You still need to do the next quarter's return but you may wish to deregulated for vat going forwards.

Self assessment runs from 6 April each year to 5 April the following year and needs to be completed by the end of January if that makes sense.

I don't know which joker began the tax year on 6 April but in Germany and other places it starts can you believe on 1st January and ends on 31 December.

I don't know of any special steps one needs to take to stop being self employed.

 

[johndon68]

I don't know which joker began the tax year on 6 April but in Germany and other places it starts can you believe on 1st January and ends on 31 December.

It’s a hangover from the Middle Ages:

https://www.tax.org.uk/time-to-ditch-quirky-5-april-tax-year-end

 

[NicoJ]

I have stopped my e-commerce business on eBay since 20th November 2022. I am currently VAT registered and done my recent quarterly VAT for the month August, September and October. For the month of November I didn't have a single sale. Do I still need to do the next quarterly VAT ?

I am still yet to file my self assessment tax year 2021 -2022.

Can I include the tax year 2022- 2023 which is from 6 April 2022 - 20 November 2022 in 2021 - 2022 self assessment or do I need to do it separately ?

What steps do I need to take now to stop being self employed ?

Could someone please provide me some instructions.

If this question was asked in wrong section, could the admins kindly redirect this post to correct section.

Many Thanks.

As gyumri has already said, yes you need to submit the return and then deregister if you have ceased trading.

No, you can't include the current years transactions in last years return.

You will need to do a return with the last set of accounts and inform HMRC on that return that you have ceased trading. HMRC should then take you out of self employment. Remember that you need to account for any assets or stock at the cessation date along with balancing allowances etc.

This is based on the assumption that you are a sole trader, if you are trading through a ltd company it is different.

 

[MyAccountantOnline]

I have stopped my e-commerce business on eBay since 20th November 2022. I am currently VAT registered and done my recent quarterly VAT for the month August, September and October. For the month of November I didn't have a single sale. Do I still need to do the next quarterly VAT ?

I am still yet to file my self assessment tax year 2021 -2022.

Can I include the tax year 2022- 2023 which is from 6 April 2022 - 20 November 2022 in 2021 - 2022 self assessment or do I need to do it separately ?

What steps do I need to take now to stop being self employed ?

Could someone please provide me some instructions.

If this question was asked in wrong section, could the admins kindly redirect this post to correct section.

Many Thanks.

First of all you normally need to cancel your VAT registration when you cease trading. Have a read of the HMRC guidance notice here it explains what's required and when.

You also need to report the income on your Self Assessment tax returns and pay any tax and NIC due.

To answer this part of your question -

Can I include the tax year 2022- 2023 which is from 6 April 2022 - 20 November 2022 in 2021 - 2022 self assessment

No you'll include that income on your next Self Assessment tax return. You'll also note the date your self employment ceased on that Return too - that will generally stop HMRC issuing you with Self Assessment tax returns going forward.