VAT De-registration

15 Jun 2018

There are new forms to use when de-registering from VAT

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HMRC has published an updated version of form VAT7 for cancelling a VAT registration. The old PDF version of the form has been replaced with a print and post iForm version. A compulsory VAT deregistration is usually required where a VAT registered business: <ul> <li>Stops making taxable supplies </li> <li>Sells a business </li> <li>Changes legal status </li> <li>Disbands a VAT group </li> <li>Joins a VAT group </li> <li>Joins the agricultural flat rate scheme </li> </ul> A voluntary deregistration usually relates to businesses that do not expect taxable turnover to exceed the deregistration limit. The VAT deregistration threshold is currently £83,000. A business that deregisters is able to make late claims for input tax on services received whilst it was VAT registered (subject to the usual VAT time limits).