For the time being UKKO Private trader does not provide service for terminating the business id. Here is a simple guide on how to terminate or pause your business id.
Are you pausing your business? Here is how:
There are two ways of going by pausing your business as a private trader:
1. Inform about pausing your business operation in MyTax. Your company will then be removed from the prepayment register and VAT register. Your business will remain in PRH (Finnish Trade Register).
2. Pause your business operation by filling the notification of termination through YTJ. The information will hereby be given to the tax administration and PRH.
Once you continue operating your business as a private trader, please inform about this the same way as you did when pausing your business.
Terminating your business:
In case you wish to terminate your business entirely here is how to do that:
- File a notification of termination by filling this form: https://www.ytj.fi/en/index/notifications/notificationsofterminationofbusiness/privatetrader.html
- In case you have machinery and/or equipment that will remain in your private use, please make an Excel listing of them, which shows the prices + VAT 24%. The price can be determined according to the selling price. Add this document to our service as a new income.
- Download all your invoices and expenses when we email you your bookkeeping material.
- Check tax matters: VAT report, prepayment tax amount, and submit the final tax return.
- Store your bookkeeping materials for 10 years. Store your invoices and expense bills for 6 years.
Taxation when pausing or terminating your business:
Please note that if you pause your business in the middle of the year you will still have to submit the Business tax return (Form 5) for the year to the tax administration. Also, the VAT reports must be handled until the business termination date. Finally, please make sure that the prepayment tax is paid and make changes in MyTax if necessary.