vat de -registration


M

Mick Miller

I have a company that is vat registered but falls below the threshold,
i havce been paying vat for a year but find it little benefit and more
hassle

how easy is it to de-register and what would thya ask me to do?
 
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T

Troy Steadman

I have a company that is vat registered but falls below the threshold,
i havce been paying vat for a year but find it little benefit and more
hassle

how easy is it to de-register and what would thya ask me to do?
Simple. Here are the limits:

http://www.vatark.co.uk/Regnlmts.htm

Here's the form:

http://www.quay-accounting.com/forms/VAT/VAT deregistration.pdf

You will have to handle the cut-off carefully and be aware that bringing
the spotlight on yourself might trigger an inspection.

Are you selling to the public, is that why registation doesn't benefit
you?


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M

Mick Miller

T

Troy Steadman

Mick Miller said:
its more services and i recliam very little but charge far far more, i
already had an inspection ...ouch!
Okay service industry serving (mainly?) the public, you should
deregister.

It is rude to answer a question with a question but whenever I get a
plumber or an electrician round and I say to them:

"How much?"

....they say...

"...Cash?"

There are two things you need to sort out which again your Chartered
Accountant if you engage one will wheedle out of you and which the CA's
on this group will need to be clear about before they can help you.

1) You had no income from either of your companies so where did your
£15,000...£20,000* income come from?

2) Are you sure the margin your company is declaring is correct?
Industry norms are easy to check.

This isn't a dig at you, it is just that we all live in the same dodgy
world and these are the questions the Tax Inspector may be asking you
some time soon, it is better to have your answers ready.

*The £15,000...£20,000 you spent on Rent, Council Tax, Clothes, Food,
Holidays, Car Purchase Insurance Tax Petrol...etc etc etc




--
 
M

Mick Miller

Okay service industry serving (mainly?) the public, you should
deregister.

It is rude to answer a question with a question but whenever I get a
plumber or an electrician round and I say to them:

"How much?"

...they say...

"...Cash?"

There are two things you need to sort out which again your Chartered
Accountant if you engage one will wheedle out of you and which the CA's
on this group will need to be clear about before they can help you.

1) You had no income from either of your companies so where did your
£15,000...£20,000* income come from?

2) Are you sure the margin your company is declaring is correct?
Industry norms are easy to check.

This isn't a dig at you, it is just that we all live in the same dodgy
world and these are the questions the Tax Inspector may be asking you
some time soon, it is better to have your answers ready.

*The £15,000...£20,000 you spent on Rent, Council Tax, Clothes, Food,
Holidays, Car Purchase Insurance Tax Petrol...etc etc etc
The business I am doing is mainly some IT contracting work which
supplies money in to developing soem web prijects i hope to spin of in
the future .........so in my mind reinvesting in my business.
 
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M

Mick Miller

The business I am doing is mainly some IT contracting work which
supplies money in to developing soem web prijects i hope to spin of in
the future .........so in my mind reinvesting in my business.

and i hope my spell check works in future as well as poor typing
 
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