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Closing a business as a Sole Trader

Closing a business as a Sole Trader

Hello

A sole trader has his year end as 31 Oct 2011.  He has to complete a SA Return for Tax Year 2011/12.

His previous tax return was done to 31st Oct 2010 - He closed the business down on 29th October 2011. 

In his Tax Return, does he need to show income & expenditure from 1st Oct 2010 to 31st October 2011 for the 2012 Tax Return.

Also, how can he inform the HMRC that the business is closed from 29th October 2011

Help is appreciated

Thanks

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By pedant
29th Jan 2013 11:57

Yes he does, and he also needs to claim overlap relief for the period from commencement to the following 5th April, as that was taxed twice.

Inform HMRC of discontinuance by ticking the Box on page 1.

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29th Jan 2013 14:08

You mean

1 Nov 2010, not 1 Oct 2010 don't you?

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avatar
29th Jan 2013 14:20

SA

The SA would incorporate 01/11/2010 - 29/10/2011

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