You’re offline. This is a read only version of the page.
I have another question related to multiple sole-trader businesses under my name.
I registered for self assessment trading as 'ABC' in 2020/2021. However, I had another business trading as 'XYZ' starting from 2018. Since this old business 'XYZ' was at a loss, I didn't register self assessment in 2018. Now, I'm still trying to sell off the excess inventory from 'XYZ' at a low price which would not be a profit for me. Since I'm not making profit from selling the excess inventory, can I have a confirmation that I don't need to add this old business 'XYZ' to my current self assessment?
I started as sole trader in 2018 and I'm still running this small business. Since the business turnover is small and the annual business earning has been less than my personal tax allowance, I didn't register this business and didn't file tax return for this business. I have recently found out, being self employed, I could do voluntary Class 2 NI contribution. Can I buy the Class 2 NI for the past few years since the business started in 2018? And, how can I do it?
When I login State Pension Forecast, the system already showed me which years I can pay voluntary contributions. It also showed the amount that I need to pay and the due date. I tried to call the DWP Future Pension Centre 0800 731 0175 few times. This number is always busy and I never get in even though I was on hold for more than 10 mins. The deadline of missing years contributions is April 2023. The clock is ticking. Could HMRC please advise how we can pay?
I am registered for self-assessment with a business name. This year, I have second business trading under another name. Can I add this new business under the same UTR when I file my tax return? Do I need to notify HMRC and register my new business name before I file my tax return and and if so how do I do this.
Thank you for your help.
I have invested in a personal company via shares subscription and holding a non-executive director position for few years. At the time of my investment injection, I held 6% of shares. However, my current shares holding % is a little bit below 5% because the company issued EMI shares in 2021. The company is in the process to sell the business and hopefully to be competed early next year. I will expect capital gains after the business is sold. Will the capital gains be qualified for the Business Asset Disposal relief?