Maybe you received a full-time job or are just ready to stop your self-employed business. Whatever the case, if you stop being a sole trader, be sure to follow these HMRC rules.
Yes. You must tell the HMRC when you stop being a sole trader. This is important to do because the HMRC will cancel your Class 2 National Insurance contributions. You must also cancel your VAT registration if you or your partnership had one.
You can fill out this online form to tell the HMRC that you've stopped being self-employed.
The HMRC says you're usually personally liable for your business debts even if your business is insolvent.
You are still required to send a Self Assessment tax return before the deadline. You must also figure out your: