Sole Trader - Ceasing Trading

[euroDilbert]

I have some questions re ceasing trading and business expenses.

I plan to cease trading as a sole trader - I am not VAT registered.
Although I won't then have any trading income, I do have some obligations to meet (some custom items to be supplied, and associated costs).
The timescale for supplying these is at my (former) clients discretion, though I plan to attempt to set a final date for them, I don't want to avoid these obligations.

My questions are :

(1) Can I claim relevant business expenses against my other non-trading income
(2) What happens regarding capital allowances where the time involved is less than 8 years - can these continue to be claimed

Thanks.

 

[torblednam]

Will you receive payment for these items from your clients, or have you been paid in advance?

 

[euroDilbert]

Will you receive payment for these items from your clients, or have you been paid in advance?

Paid in advance - as part of a package of items, most of which have already been delivered. There is a small possibility of additional charges if they request changes.

 

[time to plan]

Talk to an accountant but it sounds as if you’re still trading but not getting an income.

 

[euroDilbert]

Talk to an accountant but it sounds as if you’re still trading but not getting an income.

OK - will also contact revenue.