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Posted Fri, 16 Aug 2024 15:42:47 GMT by suag123
Hi there, I have stopped self employment as a sole trader for 23/24 I have submitted by self assessment etc and notified HMRC on the phone too. I have several questions Q1: "If your business started after 5 April 2023 and If your business ceased before 6 April 2024, enter the final date of trading So I ended self employment as a sole trader in March 2024", so I fit in this time frame, is it correct if I put my final date here as a sole trader or is this just for businesses? Q2:There was also a section in the assessment that allowed you to changed "self employment periods" the start date was defaulted at "continuing from the previous year" and I was able to change the end date to "march 2024" - did i do this correctly if want to state I stopped self employment on this date, or is this for something else entirely? How does this section differ to the section in my Q1 above? Q3: I noticed I have a business tax account, I never signed up for this, I am only self employed, I don't think I noticed this on my account in my previous returns, what is this for? Q4: Once I submitted my assessment and saw my tax calculation, I noticed it was asking for a first payment for 2024-2025, why does this appear if I stopped self employment in March 2024? im only a sole trader not a business thank you
Posted Thu, 29 Aug 2024 15:26:06 GMT by HMRC Admin 20 Response
Hi,
1) That's correct.
2) That's correct.
3) If you are Self Employed, your Personal Tax Account will show a BusinessTax Account. You still only have to file a Self Assessment return, though.
4) Payments on Account may have been calculated if your Self Assessment record is still open. To confirm your Self Employment has ceased and remove
the Payments on Account, contact us by webchat or phone via Self Assessment: general enquiries
Thank you.

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