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Sole Trader Business Name, Voluntary Liquidation?

  • 18-01-2010 7:15am
    #1
    Sinister747
    Registered Users, Registered Users 2 Posts: 160 ✭✭


    Hi All,

    Need some advice from you guys relating a sole trader business name, the company was started in 2006 and since then has not turned over more than €4000 in a given year so there has been no tax paid or requested. I want to get rid of the business name since i am in full-time college student and do not have the time for it and the income tax is just a pain since the company cannot afford an accountant. Can someone please let me know the steps to shutdown a Sole Trader Business Name and will they be any type of penalties?

    The business has no staff, only personal assets (not paid for by the company) and owes no monies and has not earned any monies since the last taxation period.

    Regards,
    Sinister747


Comments

  • #2
    MOH
    Registered Users, Registered Users 2 Posts: 6,465 ✭✭✭MOH


    Sinister747 wrote: »
    Hi All,

    Need some advice from you guys relating a sole trader business name, the company was started in 2006 and since then has not turned over more than €4000 in a given year so there has been no tax paid or requested. I want to get rid of the business name since i am in full-time college student and do not have the time for it and the income tax is just a pain since the company cannot afford an accountant. Can someone please let me know the steps to shutdown a Sole Trader Business Name and will they be any type of penalties?

    The business has no staff, only personal assets (not paid for by the company) and owes no monies and has not earned any monies since the last taxation period.

    Regards,
    Sinister747

    Is it a sole trader or a company?


  • #3
    Sinister747
    Registered Users, Registered Users 2 Posts: 160 ✭✭Sinister747


    MOH wrote: »
    Is it a sole trader or a company?

    Sorry i am a sole trader working under a business name...


  • #4
    kenbrady
    Closed Accounts Posts: 404 ✭✭kenbrady


    Sinister747 wrote: »
    Sorry i am a sole trader working under a business name...
    You have to deregister with revenue and cro.
    http://www.cro.ie/ena/termination-businessname.aspx
    www.revenue.ie/en/tax/it/forms/trcn1.pdf
    Are you sure there was no tax due ? Did you file a form 11 each year ?


  • #5
    Sinister747
    Registered Users, Registered Users 2 Posts: 160 ✭✭Sinister747


    kenbrady wrote: »
    You have to deregister with revenue and cro.
    http://www.cro.ie/ena/termination-businessname.aspx
    www.revenue.ie/en/tax/it/forms/trcn1.pdf
    Are you sure there was no tax due ? Did you file a form 11 each year ?

    Thanks for the help, yes i submitted a completed Form 11 to the Revenue each year and have not yet had any bills sent or anything.


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