Remove VAT registration

[falconinternetlimited]

Hi,

I voluntarily registered for VAT to help recoup some of the setup costs with the business. Now that I have most of the capital assets, can I simply de-register from VAT? Would the VAT office have a problem with this? My turnover is no where near the threshold currently so I was just wondering - would I need to pay any reclaimed VAT back or do I simply de-register?

Thanks a lot,

Rupert

 

[Alpha]

Yes you can voluntarily deregister.

However HMRC are not stupid. You will have to refund the vat on the market value of the assets that you hold as well as paying over any vat owed up to de registration :smile:

 

[falconinternetlimited]

Alan,

Thanks. I did wonder! As VAT does not affect the majority of my ability to sell my goods I think I now understand my position better. Thanks again for the insight.

Rupert