Self-employment quitters told to email the taxman
Freelancers who ditch self-employment were last week issued an official reminder not to delay in telling the tax authority.
In updated guidance published on its website, HM Revenue & Customs said a prompt notification from such freelancers was helpful in getting their tax and NI affairs in order.
In some circumstances, notifying the Revenue of a decision to stop trading as a self-employed person may even result in some tax or national insurance being claimed back.
Although HMRC adds that the steps that need to be taken when ceasing self-employment vary, depending on whether a person is VAT-registered or an employer, the first port of call is to alert HMRC by email.
The follow-up steps, factoring in when a self-employed person wants to appoint an advisor or is unable to pay HMRC what they owe, have been spelt out by the department in its new guidance.
8th April 2013