Termination of business – businesses and organisations

Businesses and organisations must file a notification of termination when they end their operations. Only one notification is needed to inform both the Tax Administration and the Trade Register.

Checklist for closing down a business

1. FILE A NOTIFICATION OF TERMINATION

When your company’s business operations end, you must file a notification of termination.

Notification of termination (ytj.fi)

When you file a notification of termination, the information is also transmitted to the Tax Administration, which will remove the company from its registers.

2. CHECK THE PREPAYMENT AMOUNT

Your liability to make prepayments does not end on the date of termination. Check the prepayment amount and, if necessary, submit new details to the Tax Administration so as to avoid paying too much or too little in prepayments. Request a change to the prepayment amount in MyTax.

4. store the material

Remember to file the notification of termination – otherwise the operations are considered to continue

If you do not file a notification of termination, the company’s business operations are considered to continue. In that case, you must keep filing tax returns on VAT, employer’s contributions and other self-assessed taxes on a regular basis.

Also note that unemployment allowances and other benefits may require that the business has really been closed down and that the Tax Administration has been notified.