Sole trader

[trish_dwyer]

Have a website that im looking to close down. not getting any sales and want to stop doing vat returns. I still have stock left and will have to hold onto it for myself or else sell it on ebay. What are the tax implications? can the website still stay live? I dont want to go ahead with anything in case I will end up paying revenue costs? I really have no idea what to do. Any suggestions??

 

[Joe_90]

You can deregister from VAT if your annual turnover is under the threshold without ceasing to trade. http://www.revenue.ie/en/tax/it/forms/trcn1.pdf
If you have the stock on the date you deregister from VAT you will have to repay the VAT recovered on the stock.
When the stock is gone you can deregister as a sole trader. Accounts up to the date cessation will have to be prepared.