Stop business as sole trader on trading platform

hi, I register as sole trader and trying to trading stock in trading platform on 2023/2024, and my account have lost on 2024/20245 year, I am going to stop such business on 2025/2026 year, I am not going claims any allowance and what should I do with HMRC and how? 1. Report to HRMC about my business? 2. Cancel my class-2 NI registration? thx

Hi ,
 

If your trading gross turnover exceeded £1000, you will have to declare your self employment turnover and expenses on a self assessment tax return, along with your world wide income.  When you cease trading, please contact 0300 200 3310 to confirm that your self employment has ceased and we will be able to arrange the cancellation of your voluntary class 2 NIC. Thank you .

Hi, If I have already cease trading on Feb 2025, should I contact HMRC right away to cancel my class2 NIC wtihin the taxable year or I can make it later (after 5 April 2025)? thansk you

Hi, If I have been ceased all the business, should I report it immediately to HMRC or reprot to HMRC together with 2024/2025 tax retrun? And as I experience loss in capaital and no class2 NI have been contribiuted, Do I still need to contact with HMRC? Thanks Terry

Hi ,
 

You can wait but should notify us before you file your 24/25 tax return so that you are not charged for the full year . Thank you .

Hi ,
 

You will report it all in your tax return .

Thank you .