VAT - 17.04.2024
Avoiding the VAT registration cliff edge
Although the Chancellor announced an increase to the VAT registration limit in the Spring Budget 2024, it was relatively modest. As a service business if your turnover exceeds the new limit can you legitimately avoid having to register?
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BUSINESS SPLITTING - 26.03.2024
Can company split music business into two and deregister?
Q. My business trades as a limited company, selling musical instruments and giving piano lessons. All lessons are given by me, as I am the sole director and shareholder. The annual fees from lessons are £50,000 but the annual sales of instruments have fallen a lot since the pandemic to £70,000. The company is VAT registered but can I split my business into two legal entities, so that I can then deregister? ...
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DEREGISTRATION - 26.03.2024
Deregistration: an opportunity to escape the VAT club?
After seven years of frozen thresholds, the Chancellor has announced an increase in the deregistration sales threshold on 1 April 2024. What does this mean and what are the pitfalls of deregistering?
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DEREGISTRATION - 28.02.2024
Can my business deregister retrospectively?
Q. My accountant has just finished the year-end accounts of my hairdressing business up to 31 March 2023 and the total sales were £74,000; I also have rental income from two other beauty business owners, who occupy the first floor of my premises, an annual total of £12,000. Can I deregister for VAT back to 31 March as my taxable sales were below the deregistration threshold of £83,000? ...
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VAT - 26.10.2023
How soon should you register for VAT?
You’ve started a business to make a little extra cash. You don’t expect the turnover to ever come close to the VAT registration limit, but might you be required to register anyway, and if not is there an advantage to registering voluntarily?
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VAT - 05.09.2023
Can you legitimately dodge registration?
Because of exceptional circumstances your business turnover has exceeded the VAT registration limit. You’re sure that this won’t be repeated. Must you register and wait to deregister when your turnover falls or is there an alternative?
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