happypig
Staring at the rude boys
Can anyone advise ?
My wife has a small business which I think is called a "Lifestyle Business" in that she already has a job but she makes and sells stuff. She was turning over about 4-5k a year and paying tax as required on it. She's now decided that due to caring responsibilities and leisure changes, she wants to wind it up.
Question is, the business still currently owns a few grand of stuff, does she have to pay tax to dispose of it so the business is asset-free or can she just appropriate it and tell the Inland Revenue that it's no longer trading ?
My wife has a small business which I think is called a "Lifestyle Business" in that she already has a job but she makes and sells stuff. She was turning over about 4-5k a year and paying tax as required on it. She's now decided that due to caring responsibilities and leisure changes, she wants to wind it up.
Question is, the business still currently owns a few grand of stuff, does she have to pay tax to dispose of it so the business is asset-free or can she just appropriate it and tell the Inland Revenue that it's no longer trading ?