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Thursday
Aug262010

A Step by Step Process for Finding Out When and If to Deregister for VAT

Here at St Matthew we often advise businesses that have to think about registering for VAT for the first time.  There can be significant advantages to doing this in some cases before the actual required level of turnover is reached where you have to register.

But I also sometimes come across people who want to find out more about deregistering for VAT.  You cannot do this if your business is earning more than the stated threshold for registration purposes.  But if it has fallen below the level for exiting the VAT registration process it is worth finding out what you should do.

Fortunately HMRC and Business Link have created a step by step guide to deregistration.  It reveals when you should deregister and if you will be permitted to do so in the first place.  As such it can be a good tool to use if your own business is currently registered and you are wondering whether you are in a position to deregister from paying VAT.

Of course there is a lot to consider before you come to any firm decision over whether to deregister or not.  For example registering voluntarily may be a good move to make if your business has VAT to claim back from various transactions.  Deregistering will therefore remove these advantages and it is important to consider whether this is a good move or not.

To this end you may wish to consult the experts here at St Matthew if you have any questions or concerns about registering – or deregistering – for VAT.  Contact us now using the link above.

 



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