de registering from vat

[unclemark123]

i am a sole trader. i had to register for vat at the begining of this year because of the turnover test.

this was because i had a one off contract which has now ended. i i will now not reach the vat turnover next year.

my trading year is 31 dec to 31 dec.

at what point can i de register for vat as its costing me in accoutancy fees, and how do i do it.

thanks, mark.

[Route324]

To de-register from VAT simply download the form from HMRC web site.

Try here - http://customs.hmrc.gov.uk/channelsPortalWebApp/ch...

I think you can do it anytime after you have submitted 1 or more VAT returns that were either zero returns or projected turnover for the year will not reach the threshold. But check with an accountant or HMRC.

Edited by Route324 on Saturday 24th November 12:07

[ginettag27]

Is it not financial year that VAT applies? or is it Accounting Year? Someone like Eric Mc will know!

[smartie]

VAT limits work on a rolling 12 month period, regardless of accounting or financial year.

[Eric Mc]

Neither.

It's based on a continually running rolling 12 month period.

[ginettag27]

ah yes! I forgot Unfortunately I can't see us breaching that one anytime soon...

[CIS121]

unclemark123 said:

i am a sole trader. i had to register for vat at the begining of this year because of the turnover test.

this was because i had a one off contract which has now ended. i i will now not reach the vat turnover next year.

my trading year is 31 dec to 31 dec.

at what point can i de register for vat as its costing me in accoutancy fees, and how do i do it.

thanks, mark.

Sod de-registering. Sell your business to a VAT carousel fraudster for a nice 5 figuyre sum ;-)

[Simpo Two]

Eric Mc said:

Neither. It's based on a continually running rolling 12 month period.

So... if you want to de-register today, you have to wait until 6 December 2008?

[ginettag27]

No. It applies to a 12 month rolling period, i.e. if in a given 12 month rolling period you are likely to go above the VAT threshold then you should register for VAT. De-registering for VAT is fine, but if you are above the threshold you could end up paying it and not be able to claim it back, etc..

[Eric Mc]

If you want to de-register today, review your turnover over the past 12 months. If the turnover has dropped below the de-registration threshold, then you can start the de-registration process.

[arfur]

Note that it's currently taking an average of 59 working days to process the deregistration form, then they will send you a Vat9999 form to complete and then another 59 days average to process this. During this time you will have to continue to account for VAT. Once the Vat9999 is processed you can apply for a refund ... yes ... another 59 days

fun huh .. and no I'm not making it up .. i work for them and I am also deregistering .. and I cant get them to go faster either