VAT: When DE-Registering Makes Sense.
Once a client has registered for VAT it is all too easy to let things roll on, forgetting to take stock and question as to whether the nature of their business has changed to the point where being VAT registered simply doesn’t make good sense. Here at Scott & Wilkinson we regularly review each client’s financial affairs, ensuring that we continue to give best advice.
Only last week we were able to save a long standing client, operating in the health and beauty sector, thousands of pounds each year. The client in question had changed their business model in such a way that they were reclaiming very little VAT on goods purchased, while having to pay VAT on their income. Deregistration for this business means extra profit each year. Needless to say, we have a very happy client!
If you would like to chat about the potential benefits of deregistering your business, we will be only too happy to set up a meeting. Please call me, Tim, or another member of the team on 01524 67111.
Author: Tim Preece FCCA
A former pupil at Lancaster Royal Grammar School, Tim joined Scott & Wilkinson in 1992 as a trainee after completing a degree in Maths and Economics at Leeds University and qualified as an Accountant in 1996. Tim was...
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