Before your business ceases, some procedures need to be performed. If you'd like us to do some or all of it for you, we can upload a quote to your Beany portal for you to review. Below are the procedures we would normally perform for a business cessation.
- Prepare final financial statements and tax returns
- Account for all business assets
- De-register your tax types with Inland Revenue, such as GST and PAYE
- Confirm your Beany fees and advise if there is a balance to pay, or a refund due to you
- File all your tax returns and advise you of tax owed
- If your business is a company and you'd like to de-register it from the Companies Office register, we can apply for the compulsory letter from IRD confirming they have no objections to the company being removed
You'll need to let us know:
- The date the business intends to wind up or cease trading
- The reason for winding up or ceasing trading
- Whether the business still has any assets and what will happen to them
- Whether any assets have been sold or given to the business owners and related parties (including shareholders and directors) have been at less than market value (including debt forgiveness) and if so, provide relevant details
- If there are any outstanding returns or debts, what is being done about paying them
- The contact person/director/agent for any future enquiries
- Any other relevant information
If you are ceasing part way through the financial year, please note we won't be able to file final tax returns with the IRD until this financial year has ended (usually 31 March). We can, however, prepare your financial statements prior to the end of the financial year if all activities have ceased.