UK VAT-registered businesses may be required to deregister when it ceases to make taxable supplies and, furthermore, businesses can deregister voluntarily should the value of taxable supplies made fall below the deregistration threshold of £83,000. Whether you are obligated to deregister or seek to deregister voluntarily, you must notify HM Revenue & Customs (HMRC) by filling out form VAT7, providing all the relevant information they need to handle your cancellation request. Alternatively, de-registration can be sought via the businesses’ government gateway account.
Below, the business tax experts at The VAT People outline the steps you must follow once you have deregistered for VAT, and if you should expect to pay back VAT on certain assets.
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Source: thevatpeople.co.uk
