Termination of Self-Employment

If you decide to permanently terminate your business, please contact us to make sure you don’t make a too sudden decision which might have an effect on you leaving England, your future pension or any other matters related to termination. 

Termination itself is not an overly complex process, but the current circumstances may cause some inconveniences if the business is not terminated on an appropriate date. 

The termination of self-employment needs to be reported to two different tax authorities: 

  • The Department of Social Security, via phone or online, 
  • The HM Revenue & Customs, when submitting the Self Assessment tax return for the given tax year. 

If you terminate your self-employment during a tax year, you can only submit your statement at the end of the tax year anyway. 

Nevertheless, your business will be terminated from the requested date, but this can only be indicated in your Self Assessment tax return at a later date, during submission. 

It is also possible to terminate your business retroactively. 

There may be positive and negative circumstances generated by the date of termination, so it is advised to request the opinion of an expert beforehand. 

TIPS & TRICKS

Before termination, it is worth thinking of and checking the continuity of national insurance. 

If termination is not indicated in the tax return, the tax authority may request tax return for the next tax year, too. 

To have an answer to your questions, please contact us. 

(+ 44) 07737503316

  
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