You have to calculate your business profit and as a result you have to prepare your tax accounts form 1 January until the date you close your business. You must calculate gains or losses on the items you have removed from the business or sold to others, e.g. computers, inventories, furniture, vehicles and machinery to be included in your business profit.
Please note that you have to declare your business profit on your tax return in the year after your business closed. The tax return deadline is 1 July (however, 1 September in 2020 due to the coronavirus).
If you miss the deadline, you will be fined DKK 200 per day (however, maximum DKK 5,000).
Correcting your tax assessment notice/tax return:
- Log on to E-tax for individuals
- Select ‘Ret årsopgørelsen/oplysningsskemaet’ (Correct your tax assessment notice/tax return)
- Certain amounts will be preprinted. Decide whether these amounts are correct or not and correct the relevant amounts.
- Click ‘Næste’ (Next) and check box 71 that your business is closed.
- Enter your profits in box 111 or your loss in box 112. Check if there are any other boxes you need to complete.
- Scroll to ‘Regnskabsoplysninger’ (Accounting information) and click ‘Oplys’ (Declare). Enter the information in the relevant boxes.
- Click ‘Gem’ (Save). You will then be asked if you need to declare information for other businesses. If not, you click ‘Tilbage’ (Back).
- Decide whether you have anything else to declare. Remember, that your tax assessment notice covers both your business and your private financial situation.
- Click ‘Næste’ (Next) and you will see an overview.
- Click ‘Godkend’ (Accept). You can now see your tax assessment notice. (If something is incorrect, you will be asked to complete what is missing before a new tax assessment can be generated.)
- Your tax assessment notice shows you if you have paid too much tax and is entitled to a refund or if you have to pay additional tax.
Read more about how you pay tax on your own business