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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.

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