Commentary

V7.152 VAT deregistration—reductions in future turnover

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.152 VAT deregistration—reductions in future turnover

Part V7 Tax planning | Commentary

V7.152 VAT deregistration—reductions in future turnover

At V7.150 above, it was explained that one of the circumstances in which a business may request deregistration from VAT is when it can satisfy HMRC that its taxable turnover in the next 12 months will be less than the deregistration threshold. Be aware that deregistration can only be requested from a current or future date, ie not on a retrospective basis.

The main reasons why this situation could emerge are as follows:

  1.  

    •     the business has lost a key customer(s) that has not been replaced by new customers. In such cases, the value of

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