Warning: Illegal string offset 'box_blank' in /home/myunixho/public_html/getaddspypro.com/wp-content/plugins/seo-smart-links-business/seo-smart-links-business.php on line 634

Know all about the vat deregistration process to cancel your vat number


Warning: Illegal string offset 'box_blank' in /home/myunixho/public_html/getaddspypro.com/wp-content/plugins/seo-smart-links-business/seo-smart-links-business.php on line 634

If you are a vat registered trader in the United Kingdom that desires to surrender your vat certificate for a number of reasons then you need to learn all about the vatregistrationnumber.com vat deregistration process to cancel your vat number. Although the process of canceling vat registration is quite simple, you still need to take into account vat and file a final vat return.

There are several reasons that may compel you to come out of the vat system. It is possible to make an application for deregistration of vat in case your business has collapsed and you have filed for insolvency, your taxable sales have dropped dramatically therefore you expect them to drop below the vat threshold limit of ?70,000 in the next 12 months, you sell your organization, there is a change in the legal status of the business, you can either join another vat group or disband your present vat group, or you want to join the agricultural flat rate vat scheme. There are various other reasons that are specified by HM Revenue and Customs or hmrc vat department that could allow you to be a legitimate candidate for vat deregistration.

You may also voluntarily step out of the vat tax system in case your taxable supplies are generally or perhaps wholly zero rated. You can even do this in case your input tax usually exceeds your output tax. However, out of all above circumstances you will need to provide required proof in addition to convince hmrc vat regarding the genuineness of the reason as to the reasons you want to cancel your vat registration. Once you are deregistered from vat then you will not be permitted to issue vat invoices or file vat returns.

In order for you to definitely deregister yourself from you will have to contact your vat agent that will guide you on the exact process to be followed in order that you do not end up making errors. You will have to fill up the VAT 7 vat form after you have read and understood vat notice 700/11 on ?Canceling your registration? along with notice 700/1 among other notices within this range. This form will require your vat registration number, business name and address, and may require you to tick the appropriate reason as to why you’ve requested deregistration in addition to providing the required anticipated sales figures. Additionally, you will have to mention the gross value including vat of stocks and assets which you currently hold. You will also need to specify if you stick to the vat cash accounting system.

Once you have filled up the vat deregistration form then hmrc will often reply within a period of 3 weeks. In case you don’t get a reply then you definitely should remind them. If hmrc is satisfied with the application then you’ll get a formal notice of vat cancellation on VAT35 form and also get a formal notice of exemption from registration on VAT8 form. Your vat agent will now be able to direct you on matters regarding reclaiming vat after deregistration and claiming relief on debt after deregistration.

If certain situations compel you to make an application for cancellation of your vat certificate then you’ll need to follow proper procedure as laid down by hmrc vat department. If all your papers are in order and if there aren’t any mistakes in your deregistration form then you should be out of the vat system within a month of filing vat deregistration.