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Where Taxpayers and Advisers Meet

Changing means of income

bobbybobson
Posts: 3
Joined: Mon Aug 31, 2020 10:53 am

Changing means of income

Postby bobbybobson » Mon Aug 31, 2020 11:13 am

I'm employed through my own limited company which is termed as offering design services. If I want to change my means of income to something completely different, such as mechanic or courier, can I just notify HMRC (how?) or do I need to close this limited company and start a new one?

Thanks

pawncob
Posts: 4534
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Changing means of income

Postby pawncob » Wed Sep 02, 2020 6:19 pm

Not unless it's a pre 1986 company. Companies were restricted by the articles before then, but now can do almost anything.
With a pinch of salt take what I say, but don't exceed your RDA

bobbybobson
Posts: 3
Joined: Mon Aug 31, 2020 10:53 am

Re: Changing means of income

Postby bobbybobson » Sat Sep 12, 2020 10:16 am

So what do I need to do?

pawncob
Posts: 4534
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Changing means of income

Postby pawncob » Sat Sep 12, 2020 6:38 pm

Just enter the new trade on the CT return.
With a pinch of salt take what I say, but don't exceed your RDA


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