Cancelling VAT

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Cancelling VAT

You can choose to cancel your registration voluntarily if your taxable turnover falls below the VAT threshold (£58,000). You must, however, prove that any sales excluding VAT will actually be £58,000 or less over the next 12 months.

Your registration will be cancelled if your status as a sole trader or a partner changes. It will also be cancelled if the status of the business changes ie if you are a sole trader or partner and you change the status of the business to that of a company (or vice versa).

A VAT registration will be cancelled if a business is sold so if you are buying an existing business, you may need to re-register.

For some advice, please complete a Quick Enquiry Form and we will arrange for one of our advisers to contact you or you can call us on 0845 108 0505.

Businessloans.co.uk can help you with every aspect of business finance. For the best deals available for personal loans, visit us at www.personal-loans.co.uk