Checklist final VAT return when ending your business

Do you have any business assets or stock left over when you end your business? Such as a car, computer, machinery, or products you have not sold? Then these become your personal property and belong to your private assets. This means that you have delivered these products as a business owner to yourself as a private person. If you deducted VAT when you bought the goods, you now have to pay VAT on (in Dutch) them. For this purpose, use the value of the goods at the time that you stop your activities (current market value).

What is the current market value and how do you calculate it?

The current market value is an estimate of what the item is worth now. You can determine the current market value by looking at:

• the value on the balance sheet (purchase price minus depreciation)
• the price at which you could sell it
• the price of comparable goods
• an appraisal, for example, for expensive items

Do you have business premises or other real estate? And did you buy it less than 10 years ago? Then you may have to recalculate the VAT. This depends on how long you have used the property and whether you have deducted VAT on it. Read on Belastingdienst.nl to find out if you have to recalculate the VAT (in Dutch).

Check whether you have filed all VAT returns and whether they are correct. You must also declare VAT on invoices that have not yet been paid by your customers.

After the Tax Administration receives information from KVK that your company has been deregistered, you will receive a letter. This letter will tell you if you have to submit a final VAT return. If you do, you will not receive a final confirmation from the Tax Administration that you have been deregistered as an entrepreneur for VAT purposes until after you submit the return.