These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.
Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?
But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.
If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.
Download the full article here to read more about:
- Voluntary deregistration
- Compulsory deregistration
- Assets held on deregistration
- Post-deregistration expenses
- Bad debt relief
- Change of business structure
- Flat-rate scheme
- VAT MOSS
Talk to us about any aspect of VAT.