HMRC is reminding those that have stopped being self-employed to tell HMRC of their change in circumstance in order to finalise their tax affairs correctly, reports Harris & Co accountancy services.
In its latest guide, HMRC explains that it is important to let HMRC know as soon as possible if you stop trading or close your business. This is so that they can help to get your tax and National Insurance in order. If you owe tax or National Insurance and have difficulty paying it, you may be able to negotiate an agreement with HMRC for more time to pay. And in some circumstances, you may even be able to claim back some tax or National Insurance.
The guide outlines ways in which to tell HMRC and finalise your tax, what you can claim for tax and National Insurance, and what to do if you have problems paying HMRC.
The guide is available from HMRC.