MTD Services
At BSO-FINTAX, we simplify the digital tax journey for individuals and businesses through our MTD Income Tax services. Making Tax Digital is more than a government mandate—it’s a smarter way to manage your financial records. Whether you’re a sole trader, landlord, or small business, our expert guidance ensures seamless MTD compliance with HMRC requirements. From selecting the right MTD-compatible software to assisting with quarterly updates, income categorization, and real-time submissions, we provide hands-on support every step of the way. Our team helps you avoid penalties, stay organized, and embrace the benefits of digital recordkeeping—saving you time and reducing errors. Trust BSO-FINTAX to transition your Income Tax process into the digital era with ease. Let us help you maintain full compliance while focusing on what matters most—growing your income.
Self-Employment Cessation and MTD
If you stop trading as self-employed, it is important to notify HMRC and correctly close your Self-Assessment records. This is known as self-employment cessation. You may still need to submit a final tax return covering the period up to the date you stopped trading, including any business income, expenses, stock, assets or outstanding invoices. With Making Tax Digital (MTD) being introduced for many sole traders and landlords, keeping accurate digital records is becoming even more important. If you are ceasing self-employment, good records can help ensure your final figures are correct, avoid HMRC issues, and make the transition smoother if you are moving into employment or setting up a limited company.
FAQs
- Do I need to tell HMRC if I stop being self-employed?
Yes. You should notify HMRC when you stop trading so your Self-Assessment and National Insurance position can be updated.
- Will I still need to submit a tax return?
Usually, yes. You may need to submit a final Self-Assessment tax return showing income and expenses up to your cessation date.
- Does MTD still apply if I stop trading?
If you cease self-employment before MTD applies to you, you may not need to follow MTD for that trade. However, you should still keep clear records for your final return.
- What if I move from self-employed to a limited company?
Your sole trader business may need to be ceased, and the limited company will have separate tax and filing responsibilities.
- Can an accountant help with cessation?
Yes. An accountant can help notify HMRC, prepare your final accounts, claim allowable expenses and make sure your tax position is correct.
