I'm a PAYE worker. We bought a holiday home a number of years ago and paid VAT on the purchase price, registered for VAT, reclaimed it and make a VAT return on the rental income every year.
After owning it for ten years, I can cancel my VAT registration without financial penalty.
Each year I fill out a Form 11 and include my rental income in this. I've run up a bit of a trading loss (interest, repairs, etc.) and can carry it forward each year against rental income.
If I cancel my VAT registration, can I still file a Form 11 annually and continue to use my trading losses against future rental income for income tax purposes?
Are there any other implications to cancelling my VAT registration? (I'm fully up to date with my VAT returns). Thanks.
After owning it for ten years, I can cancel my VAT registration without financial penalty.
Each year I fill out a Form 11 and include my rental income in this. I've run up a bit of a trading loss (interest, repairs, etc.) and can carry it forward each year against rental income.
If I cancel my VAT registration, can I still file a Form 11 annually and continue to use my trading losses against future rental income for income tax purposes?
Are there any other implications to cancelling my VAT registration? (I'm fully up to date with my VAT returns). Thanks.