It’s a fact of life that at some point, you’ll leave self employment – either through moving onto a new job (employment), retirement, or through other ways.
However, you’ll need to ‘close down’ your business appropriately and ensure that records are updated for this. This guide walks through who to inform, and in what order.
Informing Slimming World
You should inform Slimming World formally, in writing, and ensure you receive a response. Any accounts you hold would need finalising, and all materials returned to them. Afterwards, you’ll receive a notification from Slimming World to confirm your account is closed.
When you have run your final group, download your franchise account summaries promptly before your OurWorld access is withdrawn.
Selling/Closing down
You may have some items which other colleagues would like, and therefore a sale would be made. You should provide receipts for all items which are sold, and log details of these as Income for your Tax Return. The receiving consultant would log these as expenses.
You can find example templates for invoices/receipts within the MalgraBooks Member Portal which can be used to keep a record of these transactions.
If you sell items to non-consultants (for example, if you were to sell a printer you bought for the business to a private seller), you would also need to log this as income.
Informing HMRC
One essential part is informing HMRC – this should be when you end all self employment related activity.
To do this, you need to fill out a short form on HMRC’s website. They’ll still expect you to complete a tax return for the final year of your self employment – don’t forget!
Example:
Claire ends her self employment on 24 July 2026.
After finalising all of her accounts, Claire informs HMRC that her self employment has finished.Claire must send her Tax Return for the 2026/27 tax year, and pay any tax due by 31 January 2028.
In the final tax return, you’ll also be able to provide the final date of when your business operated – this is ideally when the last ‘business transaction’ took place (i.e. disposal of your last items, etc).
If you’re signed up for Making Tax Digital (MTD), ceasing part-way through a quarter doesn’t remove your obligations for that period – you’ll still need to submit any outstanding quarterly update(s).
If you’re VAT-registered you must deregister for VAT separately via HMRC – closing your self employment does not do this automatically.
Informing MalgraBooks
When you’ve ended self employment, please update your account to show the actual date of your final business activity, such as when you’ve sold your last item or received your final income.
You can do this through our simple form below. This will update your member record and ensure we remove you from any ongoing mailing lists or updates from our team.
If you have any subscriptions with MalgraBooks, please ensure they cover the final months of your self employment. You can then cancel your subscription in the relevant month through your member portal.
On packages which include Tax Return Submission, this will be available for you to complete at the end of the relevant financial year.