{"id":566,"date":"2019-06-28T11:58:44","date_gmt":"2019-06-28T10:58:44","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=566"},"modified":"2024-03-28T14:39:33","modified_gmt":"2024-03-28T14:39:33","slug":"how-to-stop-being-self-employed","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/self-assessment-basics\/how-to-stop-being-self-employed\/","title":{"rendered":"How to stop being self-employed"},"content":{"rendered":"\n<p>If you want to stop being self-employed, you have to let HMRC know as soon as possible, otherwise they\u2019ll still expect you to file a Self Assessment tax return.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to tell HMRC I&#8217;m no longer self-employed?<\/h2>\n\n\n\n<p>It&#8217;s pretty simple. Just login to your government gateway, fill in <a href=\"https:\/\/online.hmrc.gov.uk\/shortforms\/form\/CeaseTrading\">this online form<\/a> and the job&#8217;s a good&#8217;un! HMRC have put together this video to  give a quick overview on the process. Take a look!<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-container\"><iframe loading=\"lazy\" title=\"How to go online and stop Self Assessment if you&#039;re self-employed\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/g-CkQRLGb0Q?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>If you&#8217; we&#8217;re working in construction (CIS), you&#8217;ll need to get in touch with HMRC separately unfortunately, so give them a ring on 0300-200-3210.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What happens if you don&#8217;t tell HMRC?<\/h2>\n\n\n\n<p>HMRC will assume you&#8217;re still self-employed and will continue sending you a tax return every year. Definitely don&#8217;t ignore it or you&#8217;ll be fined (<a href=\"\/en-uk\/late-tax-return-penalties\/\" target=\"_blank\" rel=\"noreferrer noopener\">about \u00a31,600 if you&#8217;re a year late<\/a>). Just get in touch with HMRC.<\/p>\n\n\n\n<p>HMRC will still expect you to pay tax. They\u2019ll create an \u201cestimated tax bill\u201d for you \u2013 it\u2019s legally due and you can only cancel it within 3 years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do I still need to file a Self Assessment tax return?<\/h2>\n\n\n\n<p>Yes, you do. <\/p>\n\n\n\n<p>What you need to include on your last Self Assessment tax return:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your income<\/li>\n\n\n\n<li>Your <a href=\"\/en-uk\/self-employed-claimable-expenses\/\" target=\"_blank\" rel=\"noreferrer noopener\">allowable expenses<\/a> &#8211; although if they&#8217;re under \u00a31,000 just claim the flat <a href=\"\/en-uk\/list-self-employment-allowances\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a31,000 trading allowance<\/a><\/li>\n\n\n\n<li>Final profit or loss &#8211; if you made a loss you can use it to <a href=\"\/en-uk\/glossary\/offsetting\/\" target=\"_blank\" rel=\"noreferrer noopener\">offset<\/a> some of your tax bill from the previous 3 years<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What happens once you de-register<\/h2>\n\n\n\n<p>What you have to do:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>File your last tax return<\/li>\n\n\n\n<li>Pay any income tax and National Insurance that you owe<\/li>\n\n\n\n<li>If you are registered for VAT, <a href=\"https:\/\/www.gov.uk\/vat-registration\/cancel-registration\">cancel your VAT registration here<\/a><\/li>\n\n\n\n<li>Keep your documents (receipts, invoices, etc) for 6 years<\/li>\n\n\n\n<li>Make sure that HMRC has your correct address for the 12 months after you file your tax return<\/li>\n<\/ul>\n\n\n\n<p>What HMRC will do:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>They will not ask you for a Self Assessment tax return next year (unless you have other reason to file one, of course)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Can Taxfix help?<\/h2>\n\n\n\n<p>Of course! We can file your <a href=\"https:\/\/taxfix.com\/en-uk\/\">Self Assessment for you<\/a>, and let HMRC know that you\u2019ll no longer be self-employed, and confirm to them that you don\u2019t need to submit a tax return the following year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you want to stop being self-employed, you have to let HMRC know as soon as possible, otherwise they\u2019ll still expect you to file a Self Assessment tax return. How to tell HMRC I&#8217;m no longer self-employed? It&#8217;s pretty simple. Just login to your government gateway, fill in this online form and the job&#8217;s a [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[439,435],"tags":[414,102,411],"class_list":["post-566","post","type-post","status-publish","format-standard","hentry","category-registration-and-filing-your-tax-return","category-self-assessment-basics","tag-employment-status","tag-hmrc","tag-self-employed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to stop being self-employed &#8211; Taxfix<\/title>\n<meta name=\"description\" content=\"If you decide to stop being self-employed, you must notify HMRC as soon as possible and file a tax return. 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