Conversation today about retiring

[hammers4spanner]

Fella i was chatting to is 63 years old and a sole trader and is looking at his last possible year.
Asked me if i knew how to retire so i assume you just told your accountant its the last year of trading and thats that.

He thinks its more to it than that seems to think you have to give notice to HMRC etc.

So makes me wonder how does a sole trader close his/her business to retire?

 

[rpm]

Do you have to give HMRC notice of inpending death?

 

[snowhead]

As an employee you have to give notice of leaving just as you would if changing employer, unless you're in a job with a specific final working age which are few and far between.
No notice is required for HMRC purposes.

For HMRC Sole Trader purposes you are Ceasing Trade.
No notice required.

 

[Deleted member 32524]

Don't know the answer to this. Surely though it would be in your interests to inform HMRC of a closing date so they can not chase you for tax you have not earned. I think I would trade up to the last day of my accounting year and inform them on that submission of my accounts then you have settled any outstanding tax payments and NI. There is probably a route to close at any time though.

 

[townfanjon]

pretty straightforward, you would ask your accountant, or I would.