Hi - we are thinking about deregistering for VAT as we imagine we will be under the threshold for the next financial year . If we wanted to re-register for part way through the year, would it be possible to update our VAT status with Quick File also part way through the year?
Yes you can update your VAT settings at any point. If you have a search for “re-register VAT” then you will see a couple of people have done the same you may just have to do some tweaking to your account
Does this work equally well for de-registering?
And would the system remember previous VAT transactions if we de-register and then register again?
Are you sure you want to de-register?
You will not be able to reclaim any Input Tax if you do.
Don’t forget, its based on a rolling 12 months period, not per your financial period.
If you feel, you will be under for a small amount of time, say some months, or a year. It may be worth just leaving it, specially if your customers are vat registered business.
It might just be a lot less of a headache, leaving things as they are, unless you are getting a financial benefit from deregistering
Just a thought!
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