Deregistering for VAT

When and how to begin the process of deregistration.

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.You will need to deregister from paying VAT if your business ceases to trade.

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