It’s a factor of life that at some point, you’ll leave self employment – either through moving onto a new job (employment), retirement, or through other ways.
However, you’ll need to ‘close down’ your business appropriately and ensure that records are updated for this.
Informing Slimming World
You should inform Slimming World formally, in writing, and ensure you receive a response. Any accounts you hold would need finalising, and all materials returned to them. Afterwards, you’ll receive a notification from Slimming World to confirm your account is closed.
You may have some items which other colleagues would like, and therefore a sale would be made. You should provide receipts for all items which are sold, and log details of these as Income for your Tax Return. The receiving consultant would log these as expenses.
If you sell items to non-consultants (for example, if you were to sell a printer you bought for the business to a private seller), you would also need to log this as income.
One essential part is informing HMRC – this should be when you have fully finished (and would not carry out any more groups, self employment related activity, or even touch anything to do with self employment!)
To do this, you need to fill out a short form on HMRC’s website. They’ll still expect you to complete a tax return for the final year of your self employment – don’t forget!
Claire ends her self employment on 24 October 2018.
She finalises all her accounts, and informs HMRC that her self employment has finished.
She must send her Tax Return for the 2018-2019 financial year, and pay any tax due by 31 January 2020.