What is the best way to close my business?

Questioner

My daughter and I set up a photography company (VOF) in 2008. We have not been active in this business for 4 or 5 years now. However, I have faithfully filled in the VAT return in the past few years in which I have not declared anything. Now we want to end the business definitively but are afraid of all the fiscal consequences (cessation declarations, etc.). But maybe it will be fine because we have not done anything in the past few years. Can you give us advice?

Lawyer

It depends on what the assets of the partnership are and whether you have also declared costs in previous years. Tax still has to be paid on the amount that is released from the partnership.

Questioner

Thank you, Mrs. Ferwerda. Up to and including 2017 we have deducted some costs and there is almost nothing left of the company assets. Everything has been sold or written off in recent years. What I am afraid of is that we still have to pay tax on the cameras and lenses etc. that we no longer have (sold or traded in for cameras etc. for private use). Maybe I should wait until 2023, by which time our company will have taken no action for 5 years. Greetings, Geert Blaauw