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How to: VAT De-registrations

VAT

How to: VAT De-registrations

Eligibility for VAT De-registration:

  1. VAT Taxable turnover falls below £83,000.
  2. Ceased trading.

De-registering from VAT:

  1. Online Method: De-registration can be done online through your Government Gateway account.
  2. Paper Method: De-registration can be done by submitting a VAT7 Paper form.

Next Steps:

  1. Confirmation Timeframe: HMRC takes approximately 3-4 weeks to confirm the cancellation and provide an official cancellation date.
  2. Cancellation Date: The cancellation date will be either the date of ceasing trading or the requested cancellation date.
  3. Confirmation Notification: The confirmation of cancellation will be sent to your VAT online account or through postal mail, depending on the method used for cancellation.
  4. Cease Charging VAT: VAT must stop being charged after the cancellation date.

VAT Responsibilities after Cancellation:

  1. Final VAT Return: A Final VAT Return must be submitted for the period up to and including the cancellation date.
  2. Accounting for Stock and Assets: If both of the following conditions apply, account for stock and assets: a. VAT was reclaimed or could have been reclaimed when acquiring the assets. b. The total VAT due on these assets is over £1,000.
  3. Cash Accounting Scheme: If you are on the Cash Accounting Scheme, submit your Final VAT Return within 2 months of the cancellation date. Note: Do not wait until you’ve received all your invoices before submitting the final return. You can still reclaim VAT when you receive them.

Important Note: HMRC may re-register you for VAT if they believe you are still eligible. Ensure all requirements are met before cancelling your registration. If you deregister and exceed the threshold again shortly after be aware that HMRC could deem you should have been registered for VAT during the whole period so it is important you are confident you will not exceed the threshold again before deregistering

For more information and to access the VAT7 Paper form, visit https://www.gov.uk/register-for-vat/cancel-your-registration

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