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I have a self-employment tax question on cessation of
Hi Tony, I have a self-employment tax question on cessation of business can you assist me please, thank you , Les… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACG
1,460 satisfied customers
Its not social security its accounting, I need to calculate
I need to calculate overlap relief on cessation of my business … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACG
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I am self employed and normally have a 30April Accounting
I am self employed and normally have a 30April Accounting year end. I ceased trading 31/10/2015 and now want to make my Self Assessment. I therefore have 19 months to report. But the ceassation only r… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,885 satisfied customers
I ceased self-employment 05/04/14 following losses years I
I ceased self-employment 05/04/14 following losses for 5 years I have claimed bacxk the losses against earlier tax years but having ceased trading april 2014 I have a £38k overlap profit I owe PAYE & … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACG
1,460 satisfied customers
Hi Tony Tax, a question re cessation on 31/7/13. I am reviewing
Hi Tony Tax, a question re cessation on 31/7/13. I am reviewing a subcontractor's work and my client has ceased trading and supplied records up until 31/7/13 when they ceased - probably more correctly… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
I ceased trading in 2011 and made a loss in that year. Please
I ceased trading in 2011 and made a loss in that year. Please could you tell me what I put in this section You have said that you made income tax losses in the tax year 2011-12. Please complete the fo… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
Ive become a profitable forex trader in the last 14 months.
I've become a profitable forex trader in the last 14 months. As of this year it is my only job. What kind of tax am I be liable for? I assume it's capital gains, but it's not very clear whether I'd ne… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,885 satisfied customers
I have a client who owns a fish and chip shop. He is registered
I have a client who owns a fish and chip shop. He is registered for VAT. He has stopped selling the fish and chips and has rented out all the equipment to an individual who has registered with HMRC as… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,885 satisfied customers
I ceased trading as a subcontractor on 31st July 2011. I had
I ceased trading as a subcontractor on 31st July 2011. I had been trading since the early 1990s and the oldest records I have go back no further than 2007. My basis period for SA turnover has always b… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
I have completed the accounts of a long standing partnership
I have completed the accounts of a long standing partnership between A and B for the y/e 30/09/11. Taxable profits are split A 60% and B 40%. Let us say the profits were £40,000 i.e. £24,000 for A and… read more
TaxVince
TaxVince
Senior Accountant
Master's Degree
899 satisfied customers
Hello I am upgrading my business from sole trader to a limited
Hello I am upgrading my business from sole trader to a limited company. I also opened a new bank account in the new company details but can I keep sole trading bank account for government payments as … read more
TaxVince
TaxVince
Senior Accountant
Master's Degree
899 satisfied customers
Hi Sam again, I have received a letter from the HMRC talking
Hi Sam again, I have received a letter from the HMRC talking about overdue balance for one of my employee's PAYE but the business is now ceased as a sole trader, so what do you advise?… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,885 satisfied customers
Sole trader ceased trading with loss of 18143 plus overlap
Sole trader ceased trading with loss of £18143 plus overlap relief of £31269 making total terminal loss of £49412. Q1 How many years can I carry back against previous year profit? 2 This loss is incur… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
I have a friend who is unemployed and has no other income apart
I have a friend who is unemployed and has no other income apart from his investments in forex managed accounts and automated signals/systems (not spread betting). If he makes £70k this tax year, for e… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
Hi, we are to self-employed people. By a mistake we registered
Hi, we are to self-employed people. By a mistake we registered in partership. How can we get out ouf the partnership and be just self-employed?… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,885 satisfied customers
Hi Samtax, My question is that last year Aug 08, my client
Hi Samtax, My question is that last year Aug 08, my client ceased trading. The company is still alive and my client looks to use the company to set up in business with another totally different trade.… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,885 satisfied customers
My husband has gone from being in partnership (with me) to
My husband has gone from being in partnership (with me) to being a sole trader as of 1/5/07. I'm just doing his accounts and have realised that we didn't use our overlap profits relief at the cessatio… read more
Julie Kingham
Julie Kingham
Director
Chartered Tax Adviser
733 satisfied customers
I have two businesses one of which i am a sole trader and the
I have two businesses one of which i am a sole trader and the other i am a partner. I made a loss on the sole trader business last financial year - can i offset that loss against my personal tax or ca… read more
TEAP007
TEAP007
Tax Preparer
Fully Trained Inspector of Taxes B1
759 satisfied customers
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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