Weekend business - HMRC Question

[Craphouserat]

Hi

I started a small weekend Car Valeting business last August 2020 - doing only in my spare time - work full time in Forensic Biology. I registered as a sole trader with HMRC just in case it got bigger and I maybe wanted to go part time with Forensics.

Anyway - I stopped doing this weekend business in April due to ill health and I've never went back to it because I'm enjoying having my weekends back to myself.

Everything I made (which was a max of 3/4 cars a month - was never a big thing) I reinvested in the business - buying better equipment/supplies.

Basically I made well under £1000 once all my costs were taken off.

Do i need to fill out a self assessment tax form with HMRC? I've told them I'm no longer doing this weekend job and the business is dead.

CHeers

[Eric Mc]

Per the HMRC website -



How to tell HMRC

Tell HMRC you’re stopping self-employment.



If you’ll earn £1,000 or less in this tax year
You do not need to be registered as self-employed if you earn £1,000 or less in a tax year as a sole trader.

But you can choose to stay registered to:

prove you’re self-employed, for example to claim Tax-Free Childcare
make voluntary Class 2 National Insurance payments
If you decide to stop being self-employed because you’ll earn £1,000 or less, tell HMRC you stopped on 5 April (the end of the tax year).

[Mr Pointy]

OP: note the use of 'earn' not 'make'. You may have made less than £1,000 profit but if your income was over £1,000 then I believe you need to fill out an SA form.

[Craphouserat]

Thanks guys.

I'm going to fill one out.

Cheers.

[Craphouserat]

Sorry Guys - filled the form in as best I can - out goings to set up my business £2300 (never got asked this in the form?) from jobs i brought in £970.

So i'm under the £1000 cut off but I registered as a sole trader when I started in Aug 2020.

My calculation says I'm due over £200 in tax...........how can this be? I have a full time job in forensics and pay tax via PAYE.

Sorry i'm so thick guys but if you have any advice on the form or what to say I'd really appreciate.

CHR

[Evoluzione]

Just shove it in your pocket and go back to your old job ffs, it's pocket money and no-one gives a fk.

[t400ble]

Evoluzione said:

Just shove it in your pocket and go back to your old job ffs, it's pocket money and no-one gives a fk.

This

Sod it