Ceased trading as a sole trader

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PaulyB63

Registered User
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hi,

I'm a sole trader and have been trader under a business name for 4 years. I am fully tax compliant and want to cease trading as the business name. How do I go about this?

I want to begin trading in a new line of business.

thanks
 
Send form RBN3 to the companies office to kill the business name.
 
Thanks for the quick reply. One last question...... I forgot to ask in the old post...

For income tax purposes should I file for the last few months of the old business name separately to the new business name?

ie Business 1 tax year 2010 needs paying and filing and business 1 ceases today lets say. (Nothing earned between January and Now) and business 2 started in March of this year and has a Financial year jan - Dec...

Does this make sense?
 
You are a taxpayer as a sole trader, not the business, you pay tax on income earned during the year, regardless of which business its earned from.
 
Yes but also there are cessation and commencement rules.

Also there maybe tax implication for any transfer of assets between the two (if there are any asset transfers).
 
As a sole trader you are trading under your pps number (which is probarbly the same as your vat number).
Any taxes due are due on that number.

If business "a" sells the assets at a write down value to business "b" and both are sharing the same vat number - I think you are looking at a straight "interbusiness transfer".
 
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