Re: Can I maintain self employed status in this circumstance?


"Troy Steadman" <troysteadman@xxxxxxxxxxx> wrote in message
news:41264ec3-deb4-4dfb-9225-8df5f7715afe@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
On 28 May, 10:52, "Ken" <Reply to NG only> wrote:
I am disposing of a business, in one months time, but from which I will
have
a self employed income for the y/e March 2009 tax period. Can I when the
business has been disposed of, maintain a self employed status until the
end
of the tax period to March 2009 and even further ahead?

My only income from that self employment would be intermittent payments to
for occasional consultancy work but for which I will need to incur costs
such as motoring, telephone, odd overnight stays. So on the face of it the
costs could be as much as the income being received or even higher.

Would I need to tell Inland Revenue?

Help would be useful.
Ken

If you have income from self employment then you are self employed.
Having sold the business, the costs you set against your profits must
be be reproportioned to reflect the new circumstances - disallowable
Motor Expenses probably goes up very sharply.

If Consultancy was your business previously, or connected to it, then
it continues.

If it is a new venture than it is a new trade and you must notify
HMRC. You can be employed and self-employed in a number of jobs and
trades at the same time.

Also it is not completely unknown for (say) specialist Engineers to
tour the world trying to drum up business in their speciality, setting
their air fares against earlier profits in the hope of future profits,
and having no income at all for year after year.

Thank you for the help and I will carry on in a consultancy capacity, for
the new owner, so will be broadly in same type of business. I guess I am not
ready to let go just yet even though I am nearing retirement.
Ken


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Relevant Pages

  • Can I maintain self employed status in this circumstance?
    ... I am disposing of a business, in one months time, but from which I will have ... a self employed income for the y/e March 2009 tax period. ... My only income from that self employment would be intermittent payments to ...
    (uk.finance)
  • Re: Can I maintain self employed status in this circumstance?
    ... a self employed income for the y/e March 2009 tax period. ... costs could be as much as the income being received or even higher. ... If you have income from self employment then you are self employed. ... Having sold the business, the costs you set against your profits must ...
    (uk.finance)
  • Re: Can I maintain self employed status in this circumstance?
    ... a self employed income for the y/e March 2009 tax period. ... costs could be as much as the income being received or even higher. ... If you have income from self employment then you are self employed. ... Having sold the business, the costs you set against your profits must ...
    (uk.finance)
  • Re: Can I maintain self employed status in this circumstance?
    ... a self employed income for the y/e March 2009 tax period. ... My only income from that self employment would be intermittent payments to ... If you have income from self employment then you are self employed. ... Having sold the business, the costs you set against your profits must ...
    (uk.finance)
  • Re: Can I maintain self employed status in this circumstance?
    ... a self employed income for the y/e March 2009 tax  period. ... My only income from that self employment would be intermittent payments to ... If you have income from self employment then you are self employed. ... Having sold the business, the costs you set against your profits must ...
    (uk.finance)