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If your business’s turnover is predicted to fall below £83,000 over the next year, it maybe worthwhile considering whether to deregister from VAT.
The Government is concerned that many business owners deliberately choose to stay below the VAT registration threshold. For some businesses this decision is right for them.
Businesses change. A VAT registered business that has traded for many years with a turnover in excess of the VAT threshold can have a change in circumstances.
If your turnover is predicted to fall below £83,000 it is always worth considering whether VAT deregistration is the best thing to do.
VAT deregistration can be voluntary but if the business ceases to trade the deregistration is compulsory.