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Posted about a month ago by edward Verrall
I retired at the end of 2024 and will be submitting my self-employment tax return for the current tax year [2024/2025]. However, although I have ceased working and will no longer receive any income going forward, I will still have to incur the following business costs: [i] maintain Public Indemnity Insurance for 6 years; [ii] maintain cloud storage for 6 years; [iii] maintain the current business broadband account until the current agreement expires in March 2026. Question 1: Can I claim the ongoing expenses until the business obligations cease in future tax years? Question 2: If yes, do I claim the expenses by continuing to complete the self employment section of the tax return, or use some alternative method for claimimg the expenses?
Posted about a month ago by HMRC Admin 25 Response
Hi edward Verrall,
Please refer to guidance here:
BIM90100 - Post-cessation receipts and expenses: post-cessation trade relief
Thank you. 
Posted 16 days ago by edward Verrall
I have looked at the document. Where do I record the post-cessation receipts on my tax return? I have notified HMRC that I ceased trading on the 31/12/2024 as a sole trader.
Posted 9 days ago by HMRC Admin 19 Response
Hi,
The disposal will need to be calculated in pounds sterling using just and reasonable exchange rates that applied at the time you inherited the property and the disposal value. Whether there is a gain or a loss, you will need to report the disposal of the property in a Self Assessment tax return, in the capital gains section of the tax return and again in the foreign section of the tax return, where you can claim up to 100% of a foreign tax credit to set against any UK capital gains liability.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates here:
Exchange rates from HMRC in CSV and XML format
and for older rates here:
Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2010
You are free to use any of the supplied rates or one of your own choosing.
Thank you.
Posted 9 days ago by edward Verrall
Hi, Your response has nothing to do with my query. I have repeated below my follow-up question: "...I have looked at the document. Where do I record the post-cessation receipts on my tax return? I have notified HMRC that I ceased trading on the 31/12/2024 as a sole trader..." Please respond to the query. Thank you.
Posted 8 days ago by HMRC Admin 20 Response
Hi edward Verrall,
Please have a look at the guidance at CG73960 CG73960 - NRCG and the exemptions: Disposals from 6 April 2019: Computational rules for CGT from 6 April 2019
regarding the rules change in 2019.  
This guidance will help you determine whether you use the 2015 or 2019 re-basing rules.
Thank you.
Posted 8 days ago by edward Verrall
What has CGT got to do with recording post-cessation receipts on my tax return? NOTHING! Please can someone read the ACTUAL query and provide me with a correct response.
Posted 8 days ago by Clive Smaldon
Not HMRC...HMRC seem to be having issues with replies to posts appearing on wrong posts...in answer to your question, you need to tick the box for additional information pages when tailoring the return, there is a separate box on the additional information pages re post cessation expenses...used to be box 6 on page Ai2, if it hasnt moved (not checked this years return for it). In terms of if receiving post cessation income that would be "other income"...hope that helps.

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