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


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If you are a vat registered trader in the UK that wants to surrender your vat certificate for a variety of reasons then you will want to know all about the vat deregistration process to cancel your vat number. Even though the process of canceling vat registration is pretty simple, you still have to account for vat and file your final vat return.

There are many reasons that may compel you to leave the vat system. It is possible to apply 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’s 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 various other reasons that are specified by HM Revenue and Customs or hmrc vat department that can make you a legitimate candidate for vat deregistration.

You can also voluntarily step out of the vat tax system in case your taxable supplies are generally or even 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 the reasons you wish to cancel your vat registration. Once you’re deregistered from vat then you will no longer be allowed to issue vat invoices or file vat returns.

For you to deregister yourself from http://vatvalidation.com you will have to contact your vat agent that should direct you on the exact process that must be followed so that you don’t find yourself making errors. You will have to fill 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 need your vat registration number, business name and address, and will require you to tick the appropriate reason as to the reasons you’ve requested deregistration along with offering the required anticipated sales figures. You will also need to mention the gross value including vat of stocks and assets which you currently hold. You will also need to specify in the event you stick to 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 case you do not receive a reply then you should remind them. If hmrc is content with your application then you will get a formal notice of vat cancellation on VAT35 form as well as get a formal notice of exemption from registration on VAT8 form. Your vat agent will now have the ability to guide you on matters regarding reclaiming vat after deregistration and claiming relief on debt after deregistration.

If certain situations compel you to apply for cancellation of the 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 are no mistakes in the deregistration form you then ought to be out of the vat system within a month of filing for vat deregistration.