The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
It is possible in certain circumstances for a business to effectively 'revoke' a valid option to tax. This guidance note provides an overview of the circumstances in which a business can revoke an option to tax and the procedure that must be followed.
It is possible for a business that has opted to revoke the option if it changes its mind within six months of making the election. .
The business must satisfy the following conditions before it can revoke the option to tax:
If the above conditions are satisfied, the business can request permission to revoke the option to tax from HMRC. The business will need to complete and submit a VAT1614C in order to request permission to revoke the option to tax. If the business also satisfies the conditions below it does not require permission from HMRC in order to revoke.
These are the additional conditions that need to be satisfied before a business will be entitled to revoke the option to tax without obtaining prior permission from
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