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 everything 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 wants to surrender your vat certificate for a number of reasons then you will want to know everything about the vat deregistration process to cancel your vat number. Even though the procedure for canceling vat registration is pretty simple, you will still need to account for vat and file a final vat return.

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

You may also voluntarily step out of the vat tax system in case your taxable supplies are mainly or perhaps wholly zero rated. You can also do so if your input tax usually exceeds your output tax. However, out of all above circumstances you will need to provide required proof as well as convince hmrc vat as to the genuineness of the reason as to the reasons you want to cancel your vat registration. Once you’re deregistered from vat then you’ll no longer be permitted to issue vat invoices or file vat returns.

In order for you to deregister yourself from www.vatnumbers.com you will need to contact your vat agent that should guide you about the exact process that must be followed in order that you don’t find yourself 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 in this range. This form will need your vat registration number, business name and address, and will need you to tick the appropriate reason as to the reasons you’ve requested deregistration in addition to offering the required anticipated sales figures. You will also have to mention the gross value including vat of stocks and assets which you currently hold. Additionally, you will have to specify if you follow the vat cash accounting system.

Once you have filled up the vat deregistration form then hmrc will usually reply within a time period of 3 weeks. In the event you don’t receive a reply then you definitely should remind them. If hmrc is content with your application then you’ll receive a formal notice of vat cancellation on VAT35 form as well as receive a formal notice of exemption from registration on VAT8 form. Your vat agent will be able to guide you on matters regarding reclaiming vat after deregistration and claiming relief on bad debts after deregistration.

If certain circumstances compel you to apply for cancellation of your vat certificate then you will need to follow proper procedure as laid down by hmrc vat department. If all your papers are in order and when there aren’t any mistakes in the deregistration form then you ought to be out from the vat system in a month of filing vat deregistration.