Closing a company and selling all assets

Closing a company and selling all assets

Question:
Hello!

I have been a registered agricultural producer, an individual with Bulstat, since 2019. My activity is related to aging animals for meat. I am currently not registered for VAT. I wish to terminate my activity and sell all animals, as well as to be deleted as an agricultural producer in the State Fund for Agriculture and in the Bulstat register. When selling the animals, the mandatory registration threshold will be exceeded. The question is, do I have to register for VAT, given that I am terminating my activity?
Thanks in advance!

VAT registration, animal husbandry, company deletion, accounting services, Varna, Ruse, Plovdiv, Burgas, Sofia

Answer:
Hello,
If you exceed a turnover of 166 thousand BGN /as of today/, you have no choice but to register for VAT. Even if you terminate your activity, you will have to wait 12 months before you can deregister for VAT. For these 12 months, zero VAT returns will have to be filed monthly. The fine for not filing a return is 500 leva.
We hope we have been helpful to you!
Best regards!




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