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

If you are a vat registered trader in the UK that desires to surrender your vat certificate for a variety of reasons then you will want to know everything about the vat deregistration process to cancel your vat number. Although the procedure for canceling vat registration is quite simple, you will still need to account for vat and file your final vat return.

There are several reasons that could compel you to leave the vat system. You can apply for deregistration of vat if your business has collapsed and you’ve filed for insolvency, your taxable sales have dropped dramatically and 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 alternation in the legal status of your business, you either join another vat group or disband your present vat group, or you intend to join the agricultural flat rate vat scheme. There are various other reasons which are specified by HM Revenue and Customs or hmrc vat department that could make you a valid candidate for vat deregistration.

You can also voluntarily leave the vat tax system if your taxable supplies are mainly 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 have to provide required proof as well as convince hmrc vat regarding the genuineness of the reason as to why you want to cancel your vat registration. Once you are deregistered from vat then you will no longer be allowed to issue vat invoices or file vat returns.

For you to definitely deregister yourself from https://vatvalidation.com you will have to contact your vat agent that should direct you about the exact process that must be followed so that you do not find yourself making errors. You will need to fill up the VAT 7 vat form after you have read and understood vat notice 700/11 on ?Canceling your registration? together with notice 700/1 among other notices within this range. This form will require your vat registration number, business name and address, and will require you to tick the appropriate reason as to why you have applied for deregistration along with providing the required anticipated sales figures. You will also need to mention the gross value including vat of stocks and assets that you currently hold. Additionally, you will have to specify in the event you follow the vat cash accounting system.

After you have filled up the vat deregistration form then hmrc will often reply within a time period of 3 weeks. In the event you do not get a reply then you definitely should remind them. If hmrc is satisfied with the application then you will receive 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 have the ability to direct you on matters regarding reclaiming vat after deregistration and claiming relief on debt after deregistration.

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


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