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I want to close my company and practice medicine as a sole

Resolved Question:

I want to close my company and practice medicine as a sole trader. What is the regulation.
Submitted: 7 months ago.
Category: Tax
Expert:  bigduckontax replied 7 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Closing down companies is a bit of a palaver these days. Your easiest solution is to sell it off as a going concern. There is a ready market for established trading companies and you can even do it on eBay.

If you are going to practice medicine as a sole trader you must register for self employment with HMRC. They will send you a self assessment return form for completion at the conclusion of each tax year [5 April] and any tax and NI due must be settled by 31 January the following year. Guidance as to the procedure to be adopted is available here:

https://www.gov.uk/working-for-yourself/what-you-need-to-do

Good record keeping of income and expenditure should be maintained when you are self employed.

I do hope that you have found my reply of assistance.

Customer: replied 7 months ago.
My company is for surgical services and it carries my name. How can I sell it on e bey.
Expert:  bigduckontax replied 7 months ago.

A company's name can be changed, the fee is, if I recall, 50 quid, but it can be less. Information on this subject is available here:

https://www.gov.uk/make-changes-to-your-limited-company/company-name

Just try selling it as it is on eBay and let the buyer have all the palaver of changing the name. Most company's Articles of Association are very widely drawn these days and cover just about any activity that isn't immoral, illegal or fattening to quote Socrates!.

bigduckontax, Accountant
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Expert:  bigduckontax replied 7 months ago.

Thank you for your support.

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