You should tell the Revenue that your trade has finished as soon as possible, so that they can get your tax affairs in order. To cancel your tax and VAT registration (if you are VAT registered) with the Revenue, fill out a Tax Registration Cancellation Notification (TRCN1) found on the Revenue website, www.revenue.ie , and return it to your local tax office. Your local TaxAssist Accountant can also deregister for you online, which is the quickest and simplest way to notify the Revenue.
If you traded using a business name, you must also inform the Companies Registration Office (CRO) that you have ceased trading within three months, using Form RBN3 found on the CRO website, www.cro.ie . TaxAssist Accountants can also inform the CRO on your behalf that you have ceased trading.
You will also need to complete a tax return for the tax year in which the trade stopped. Computing the profits or losses from a trade in its final year can be tricky, particularly with regards to Capital Allowances and the use of losses. Your local TaxAssist Accountant would be happy to complete your final return for you and deal with notifying the Revenue of the cessation of the trade. Please feel free to contact us for more information.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. 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 forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.