I am filling out the ceasing to trade form with the revenue and it asks for assets of the business. If I have a van and the value is about E1500 will I have to pay for it?
As you are operating as a sole trader you own the van so do not need to pay it when you cease to trade. If you were operating as a company you would need to though
You may have a balancing charge or allowance if you claimed capital allowances (tax depreciation) on the van if the tax value is less or more than the market value.
Thanks for your advice. I looked into it a bit more and it looks like the value of the van is less than the value on the books (following depreciation). I think therefore that this will go down as a balancing charge thus a loss against the companies books.
If you were VAT registered and you had claimed VAT on the acquisition of the van you will have a vat liability on the value of the van when you cease to trade or de-register for VAT. Value of Van x 23/123.