The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of certain specific points that need to be considered by a business that is intending to cancel its VAT registration number. This note should be read in conjunction with the Cancelling a VAT registration number guidance note.
Detailed information on cancelling a VAT registration number can also be found in HMRC Manual VATDREG01000.
If a business has stock and business assets on hand at the time it cancels its VAT registration number, then it may be required to account for VAT on the value of those assets on its final VAT return.
A business will not be required to account for any VAT if the total VAT due on the stock / business assets is £1,000 or less.
If the VAT due on the assets / stock exceeds the de minimis limit, the business will need to consider the following:
The business must ensure that it considers all of the assets and stock on hand at the time the VAT registration is cancelled (for example, any interests in land if they are liable to VAT at the standard or reduced rates). The business must also consider any tangible business assets, such as office furniture, commercial vehicles, etc,
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Statutory references to ITTOIA 2005 relate to unincorporated businesses and CTA 2009 relate to companies unless otherwise stated.Legal and other professional fees can represent substantial costs to a business. A detailed analysis is often required for the purpose of preparing tax computations as
A time to pay arrangement, which may also be referred to as TTP in practice, is a negotiated agreement between HMRC and the taxpayer to allow for tax to be paid after its due date.The guidance in this note applies to individuals under self assessment and companies paying corporation tax. It does not
OutlineFor income and capital gains tax purposes, partnerships are regarded as being tax transparent ― ie they are not taxed in their own right but instead taxation is applied to the partners.Accordingly, if the partners are individuals, then much the same considerations apply as for an individual
The detailed definition of a close company is set out below but in summary the rules are targeted at those companies where the owners can manipulate the activities of the company to influence their own tax position. Therefore, broadly speaking, most owner-managed or private family businesses will be