Deregistering for VAT

A compulsory VAT deregistration is usually required if you:

– Stop making taxable supplies
– Sell your business
– Change legal status
– Disband a VAT group
– Join a VAT group
– Join the agricultural flat rate scheme

A voluntary VAT deregistration can be made if you do not expect your taxable turnover to exceed the VAT deregistration limit. The current deregistration limit is £83,000.

You will be required to submit a final VAT Return for the period up to and including the VAT deregistration date.

You must account for any stock and other assets you have on this date if:

– You could reclaim VAT when you bought them,
– The total VAT due on these assets is over £1,000.

You can also make late claims for input tax on invoices received relating to the period that you held a VAT registration. This can be done after the final VAT return has been submitted (subject to the usual VAT time limits).

No obligation and no charge. We may even have a biscuit or two.

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