If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Sole Trader ceased trading

sole trader · 2014-03-03 12:02:17

have always done the accounts and tax returns for my husband and everything was always straightforward. Last April, he registered with Revenue as having ceased trading. I am now thinking about his final tax return for 2013 and wonder can anyone advise on the following: 1. His accounting year was 01 Jan to 31 Dec so am I…

03-03-2014 01:02PM

#1

sole trader

Registered Users, Registered Users 2 Posts: 8 ✭

Join Date: March 2014

Posts: 2

have always done the accounts and tax returns for my husband and everything was always straightforward.

Last April, he registered with Revenue as having ceased trading.

I am now thinking about his final tax return for 2013 and wonder can anyone advise on the following:

1. His accounting year was 01 Jan to 31 Dec so am I right in thinking that there are therefore no adjustments to be made from the 2012 tax return as his accounting year follows the standard tax year.
2. I know you put in a balancing charge for the fixed assets on the tax return - does this balance get added to the sales of the business in the profit and loss accounts?
3. Do I then account for the value of the assets in drawings on the accounts?

Thanks for any help you may offer.

0