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Business Tips

How to amend or cancel your VAT registration

As a VAT registered business, there are a number of advantages and disadvantages (see here). There may come a time however where your business will soon cease to trade or you may feel that the time has come to cancel your VAT registration. Alternatively, there may be a time where you need to update HMRC with new business details and therefore change your registration details.

If you wish to amend the original VAT registration details with HMRC you must inform them within 30 days of the changes taking effect. Failure to do so could result in a financial penalty. In order to change your VAT details, specific forms must be completed and signed by a director before being filed with HMRC. (Note: an additional form will have to be filed to HMRC if there are changes to a partnership VAT registration).

Cancelling your VAT registration again must be completed within 30 days of the event happening. There are some scenarios where a company must deregister for VAT. These are:

  • You cease to trade or make any taxable supplies or
  • You join a VAT group.

Just as with registering for VAT, you can voluntarily deregister for VAT so long as your turnover falls below the de-registration threshold of £79,000.

Once the relevant forms have been filed with HMRC it will usually take up to 3 weeks before HMRC confirm your application for de-registration is successful as well as advising you of the official de-registration date.

[Note: if HMRC have reason to believe you should not have de-registered for UK VAT, they have the power to automatically re-register you for VAT].

If you would like more help and advice on amending a VAT registration or deregistering for VAT, please contact Wisteria’s VAT team on 020 8429 9245 or info@wisteria.co.uk.