Can I maintain self employed status in this circumstance?

If you have income from self employment then you are self employed. Having sold the business, the costs you set against your profits must be be reproportioned to reflect the new circumstances - disallowable Motor Expenses probably goes up very sharply.

If Consultancy was your business previously, or connected to it, then it continues.

If it is a new venture than it is a new trade and you must notify HMRC. You can be employed and self-employed in a number of jobs and trades at the same time.

Also it is not completely unknown for (say) specialist Engineers to tour the world trying to drum up business in their speciality, setting their air fares against earlier profits in the hope of future profits, and having no income at all for year after year.

If you have income from self employment then you are self employed. Having sold the business, the costs you set against your profits must be be reproportioned to reflect the new circumstances - disallowable Motor Expenses probably goes up very sharply.

If Consultancy was your business previously, or connected to it, then it continues.

If it is a new venture than it is a new trade and you must notify HMRC. You can be employed and self-employed in a number of jobs and trades at the same time.

Also it is not completely unknown for (say) specialist Engineers to tour the world trying to drum up business in their speciality, setting their air fares against earlier profits in the hope of future profits, and having no income at all for year after year.

Thank you for the help and I will carry on in a consultancy capacity, for the new owner, so will be broadly in same type of business. I guess I am not ready to let go just yet even though I am nearing retirement. Ken

If you have income from self employment then you are self employed. Having sold the business, the costs you set against your profits must be be reproportioned to reflect the new circumstances - disallowable Motor Expenses probably goes up very sharply.

If Consultancy was your business previously, or connected to it, then it continues.

If it is a new venture than it is a new trade and you must notify HMRC. You can be employed and self-employed in a number of jobs and trades at the same time.

Also it is not completely unknown for (say) specialist Engineers to tour the world trying to drum up business in their speciality, setting their air fares against earlier profits in the hope of future profits, and having no income at all for year after year.

Just pondering the motoring expenses which have been 90% allowable but clearly which will change. I wonder whether I should start keeping detailed journey records or do you have other suggestions?

Ken

Sounds good to me. Use HMRC's very generous 40p a mile (I can't provide you with a link because the HMRC website is nowadays impenetrable) and you can even recover the VAT on the petrol if you are VAT registered and can be arsed with doing it.

You also have documented "proof" if the tax man comes after you - a change of circumstance can sometime trigger an inquiry.

Thanks yet again. I always have kept my nose clean but believe in avoiding as much tax as I can providing it is legitimate! Ken

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and the following page...

HTH

Thanks Martin Ken

You say you are in a "partnership" with your wife. You probably aren't, you just pay her some salary? If a partner leaves a partnership there is a cessation.

Cessation could be a good thing for you or a bad thing for you. You need to get the VAT registration sorted - you can't just deregister because you feel like it. See a good, locally recommended Chartered Accountant.

No I really am in partnership with wife. We both work full time and she has

20 years of experience in the business so absolutely essential to the running of the company. Ken