VAT registration in error?
If a business suspected it's taxable turnover be going to exceed the threshold for VAT and so registered. But 3 months subsequently due to circumstances beyond their control have to close the business, thus never exceeding the threshold, is near anything that can be done to stop the liablility for the 3 months becoming due?
Answers:
There will lone be a liability if they made taxable supplies - they should own be charging VAT on any sale or supplies from the registration date. They would know how to cancel out any VAT rewarded on purchases during equal extent.
In short, if they own charged VAT to customers, they hold to rationalization to HMRC for it!
No but nickname the charge bureau and ask for proposal.
Call the Inland revenue it much easier than contacting us "Barrack Room Lawyers"!
No. If the business is VAT registered it is strike within stone. No exceptions.
You charged VAT to customers, presently it's time to take-home pay it to the taxman. You be never entitled to the money, you be acting as a levy collector.
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Answers:
There will lone be a liability if they made taxable supplies - they should own be charging VAT on any sale or supplies from the registration date. They would know how to cancel out any VAT rewarded on purchases during equal extent.
In short, if they own charged VAT to customers, they hold to rationalization to HMRC for it!
No but nickname the charge bureau and ask for proposal.
Call the Inland revenue it much easier than contacting us "Barrack Room Lawyers"!
No. If the business is VAT registered it is strike within stone. No exceptions.
You charged VAT to customers, presently it's time to take-home pay it to the taxman. You be never entitled to the money, you be acting as a levy collector.