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evansvisualarts evansvisualarts is offline
Starting Out
Join Date: Jun 2005
Posts: 13
Informing the Inland Revenue

I set up a business not long back but it didn't make any money at all (in fact it just lost money). However from they scheme did come a much more successful idea. So the inital business was closed down and now I am just starting to set up the new one. I was just about to inform the Inland Revenue of the inital business but as it has folded there was no need.

Technically do I still have three months to inform about the new business? I didn't make any money from the original business and the new one has cilents waiting but it is not operational yet so no money has been taken on that.

Thanks for any advice

Scott
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Andrewgadd Andrewgadd is offline
Entrepreneur
Join Date: Feb 2005
Posts: 31
Hi
I guess the answer would be "yes, you have 3 months". But I'd strongly recommend you tell them straight away. You never want to do anything that will have the Inland Revenue thinking you are doing something to avoid tax. Tell them, and if you don't make any profit, you won't have to pay any tax - so there is no reason NOT to tell them.
Good luck.
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evansvisualarts evansvisualarts is offline
Starting Out
Join Date: Jun 2005
Posts: 13
Thank you for your reply.

I know there is no harm in telling the inland revenue, in fact I have the form right here next to the computer but the last idea didn't even last the three months and I'd rather wait to see if this one works for its self becaue it is just a waste of other peoples time, because I'm sure someone somewhere will have to fill out forms and use up their precious time.

Best regards

Scott
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Statler's Avatar Statler Statler is offline
Connector
Join Date: Sep 2002
Posts: 838
Hi,

As Andrew says, it's best to be totally upfront with HM Revenue and Customs (the new name for the Inland Revenue). Their Business Support Team may be of interest:

http://www.hmrc.gov.uk/startingup/bus_sup.htm

Lee
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