Business closure advise

Badly need some advice, I started a small business and was registered last year.

But it did not work and this year I no longer have money to support the business, so I have been submitting no operations report to BIR.

Now it's almost December which is time to renew the business registration.

My question is , is it fine not to renew the business registration this December and I will then file a business closure next year?

Note: I am paying an agency to do all my taxes and BIR reporting since I'm not familiar with this , now I cant pay their service fee to request a business closure this year, which is why I'm planning na next year nalang epa close if meron na akong extra money

Not sure how to explain this properly, thanks