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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hi I am a self employed healthcare professional last April

Resolved Question:

Hi I am a self employed healthcare professional last April I sold my sole trader business and then continued as a self employed contractor to the business. Do I have to have cessation accounts? and start up again
Submitted: 3 years ago.
Category: Tax
Expert: replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

These was a cessation of business when you sold it to another party. So you should be filing a tax return to cover accounts to cessation.

The fact that you have now become a contractor to the business as self employed means there is commencement of self employed business - yes there is a start-up of new business. You should file the accounts as self employed contractor.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 years ago.

Clarification- Iwas a self employed dentist - I am now a self empolyed dentist so the only difference is that I m paying the new business for the use of the surgery rather than paying for it myself

Expert: replied 3 years ago.

Mark, thank you for your reply and clarification.

If you sold the dental practice for a sum, then there would have been some gain/loss on sale of it.

In my considered view, there is a cessation and a start-up. The profession/nature of business may be the same.. previously you were a owner and occupied your surgery and now you are self employed contractor to the new owner of surgery.

I hope this is helpful. and other Tax Specialists are ready to help you