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Taking a long term break and HMRC

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  • Taking a long term break and HMRC

    Hello,

    I'm looking for a wee bit of advice. I'm currently at uni full time and work on my craft business around it. I've been managing to work both but as I go into my final year I know I want to concentrate fully on uni. My plan is to cease trading by end of March. I feel sad but I know I need to take an extended break. Do I just put in 0 profit, 0 expenses in the self assessment with HMRC until I start again, or is it best to just sever all ties and re-register as a sole trader in the future?


    Thank you for any advice! Now to start de-stashing - If anyone knows anyone that might like some cheap rose gold D rings, get in touch

    Best wishes,

    Donna
    skyefrogdesigns.com - Handcrafting collars for your handsome hounds

  • #2
    My advice would be the same as Caroline's - particularly if you think you may start business again once your intensive studies period is concluded. Have a word with HMRC - there's probably something on their website in FAQ which will clarify things for you.

    Good luck with the studies and exams.

    Linda

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