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If you’re finishing up your business, there are a few key things you need to do to let Revenue know and wrap up your taxes properly.
 

1. Tell Revenue You’ve Stopped Trading

 
Once you stop trading, you should let Revenue know as soon as possible so they can update your tax records.
 
  • If you were VAT registered, you’ll need to cancel your VAT registration.
  • You can do this by filling out a Tax Registration Cancellation Notification (TRCN1) form, which you can find on the Revenue website.
  • You’ll then need to send it to your local tax office.
  • If you have an accountant, they can do this online for you, which is faster and easier.
 

2. Let the Companies Registration Office (CRO) Know

 
  • If you traded under a business name, you must inform the CRO within three months of closing your business.
  • You’ll need to fill out Form RBN3, which you can get from the CRO website.
  • An accountant can also handle this for you.
 

3. File Your Final Tax Return

 
Even though you’ve stopped trading, you still need to submit a tax return for your final year in business.
 
  • Working out profits and losses in your last year can be tricky, especially when it comes to things like business equipment, expenses, and tax deductions.
  • An accountant can help make sure everything is done correctly so you don’t pay more tax than you need to.
 
 

4. VAT Considerations

 
If you were VAT registered, you might have to pay back some VAT to Revenue, depending on the situation. This can be a bit complicated, but an accountant can check if this applies to you and help you sort it out.
 
 

5. Get Help from an Accountant

 
Your local TaxAssist Accountant can: 
 
  • File your final tax return
  • Advise you on VAT repayments
  • Notify Revenue and the CRO on your behalf
 
If you need help or have questions, it’s always worth speaking to an accountant to make sure you avoid any tax surprises down the line. Contact us today. 
 

Need an accountant?

Contact TaxAssist Accountants for a free, no-obligation consultation to get a fixed fee quote

1800 98 76 09

Or contact us
 
 

Updated 10 Jul 2025 | Published 28 Jun 2013

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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