HMRC Updates Notice 742A on Option to Tax and VAT Registration Cancellation

HMRC has updated Notice 742A to explain the effect of opting to tax and help businesses decide whether to do so.
It clarifies whether HMRC permission is needed before making an option and how to notify HMRC.
It confirms that if opted land or buildings are still held when VAT registration is cancelled, output tax must be accounted for on their value.
It removes guidance on a temporary notification time-limit change because that change has ended.

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.