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

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