How to stop Self Assessments the right way
I’m no longer Self Employed, How to stop Self Assessments the right way
If you cease trading, you must notify HMRC to avoid unnecessary penalties.
Steps
- Submit a final Self Assessment return, showing your last income.
- Inform HMRC in the tax return that you’re no longer self employed.
- HMRC will update records to stop future filing requirements.
Why It Matters
- Avoids continued reminders and penalties.
- Maintains a clean tax record, useful for mortgages, loans, or future self-employment.
