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Closing a Sole trader business

  • 05-05-2011 3:59pm
    #1
    Henrib
    Registered Users, Registered Users 2 Posts: 95 ✭✭


    Hi, I'm looking for a little help and hope I am in the right place. I have a small sole trader business which is no longer viable (costing me more than it is making me), so I want to close it/cease trading. I do not have any outstanding debts or taxes. I guess my first move would be to write to Revenue and let them know I am no longer self employed? Anything else or anyone else I should notify as a priority? It was a very small enterprise so VAT is not applicable. Thanks in advance for any advice.


Comments

  • #2
    ants09
    Registered Users, Registered Users 2 Posts: 715 ✭✭✭ants09


    hi Henrib

    sorry to hear about your predictament.

    first you need to consider when to cease trading, once you done that you need to deregister for vat and employers taxes if applicable, then you need to do accounts up to cessation and apply the cessation rules when doing your tax returns for income tax,

    my advice is to contact your accountant


  • #3
    Henrib
    Registered Users, Registered Users 2 Posts: 95 ✭✭Henrib


    Thank you for your advice :)


  • #4
    EamonOSullivan
    Registered Users, Registered Users 2 Posts: 101 ✭✭EamonOSullivan


    OP you can file this form

    http://www.revenue.ie/revsearch/search.jsp

    it's called TRCN1 .

    You may still need the help of an accountant, but if your accounts are really simple, you should be able to handle it yourself. Revenue are really helpful where you are trying to stay within the law by complying with your obligations.


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