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Closing a non-existent business. HELP PLEASE

  • 05-07-2011 8:07pm
    #1
    Registered Users, Registered Users 2 Posts: 10


    hi all,
    sorry if this is in the wrong area but i am at my wits end at the tax man.
    a bout 2 years ago i had a great idea selling little miniature tractors that i had shipped from the US.
    my problem is that i never really had time, or money, to invest in the venture and i only ever sold 2 models!!
    for some stupid reason i registered a business name. now the tax man is after me to complete my year tax returns, well basically the story is i bought 6 tractors. by the time i paid shipping and VAT when they arrived in dublin, i had about 40-50 euros profit on each tractor. i sold 2 so i think i made a grand total of 80 euros minus the cost of the 6 tractors i imported. (a big loss!)
    i told the tax man this and that i am closing the 'business' down.
    they now want between 300-500 euros to close it down?!!!
    can somebody please tell me if there is any way out of losing this much money.
    in my full time job i pay a fortune tax and without playing the violin i have a family to support and mortgage to pay so i really cant afford 500 euros on nothing.
    cheers guys


Comments

  • Registered Users, Registered Users 2 Posts: 5,932 ✭✭✭hinault


    Members’ voluntary liquidation: This is when the members of a company that can pay its debts decide to wind it up. Part of this process is that a majority of the business directors must make a declaration of solvency. This declaration means that they have enquired into the affairs of the company and believe that it would be able to pay its debts within a certain period.

    If your business entity has paid all debts and has paid all outstanding taxes to the Revenue, you need to get a letter from the Revenue stating that all taxes/duties have been paid over to it.
    On receipt of this letter of confirmation from Revenue, an advertisement needs to be placed in one daily newspaper with nationwide circulation and published not more than four weeks prior to the application for strike off

    You need to write to the Companies Registration Office (CRO) to apply for your business entity to be voluntarily wound up.
    Again make sure that all submissions required to be filed with the CRO have been filed before apply for the voluntary windup.
    You'll need to send a copy of the Revenue letter along with a copy of the newspaper advert to the CRO when applying to dissolve your entity.

    This link might be useful.

    http://blog.parfreymurphy.ie/2010/06/closing-down-company/


  • Closed Accounts Posts: 770 ✭✭✭viztopia


    are you registered as a sole trader or as a limited company?


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