- Original Poster
- #1
Hi, i had planned to cease trading with my dropshipping business this year as i have had a loss of supplier and wanted to go into Graphic Design full time.
Simple enough... but while doing my taxes i realised i went way over the VAT Threshold and have since registered and backdated to January 2021. The last 6 months have been back below the 85k threshold.
I fully expect a VAT bill for the whole year although i will request exception due to going over temporarily and liable not liable concession if that fails. I also don't think i will be eligible for the Flat Rate Scheme.
Should i send a deregister VAT form along with the requests and will i still be able to cease trading as a sole trader while this is ongoing?
Thanks in advance for any help.
Simple enough... but while doing my taxes i realised i went way over the VAT Threshold and have since registered and backdated to January 2021. The last 6 months have been back below the 85k threshold.
I fully expect a VAT bill for the whole year although i will request exception due to going over temporarily and liable not liable concession if that fails. I also don't think i will be eligible for the Flat Rate Scheme.
Should i send a deregister VAT form along with the requests and will i still be able to cease trading as a sole trader while this is ongoing?
Thanks in advance for any help.
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