QUESTION (NO FUDGING PLEASE)-....
bazermc said:Deregistration to remove property from the vat net if it were possible would have every landlord in the country doing it and revenue losing out. one of the reason for s.4 of the act being so complex is that its is full of anti-avoidance rules to prevent wise guys trying what you are suggesting
bazermc said:Arch
Bazerc your quote is correct, but the legislation still allows the return of the VAT and deregistration removing the property from the VAT net.
Secondly Bazerc. I might take insult from being called a wiseguy, but since it is coming from a mere first year student of tax (guess you were exempt from part one) and since I am for over 10 years an Associate member of the Institute of tax, I must appear to be a very wise guy compared to you.
Thirdly I take it you are a tax junior in a big 4 practise, I am sure your superiors would be disappointed to see you arguing a case by using the institute tax book. Come on if you are ever going become a real tax consultant like me, you will have to learn to read the legislation.
Fourthly please read Section 7 of the VAT act it is this section which deals with the Waiver of exemption, not Section 4.
Stuart, You are correct there is no loss of VAT to the Revenue by allowing an individual register for VAT waive their exemption and return the VAT to the revenue and deregister.
Parnell once again yes your accountant is correct
Finally Baxermc, please before replying read the relevant sections of the VAT act and if you continue to have difficulty understanding same consult with some one in your firm who has a little more experience also I think your earlier reply where you advised the viewer to trust you as your were an accountant and a tax consultant with a big 4 firm is a little exagerated a bit like a first year medical student saying trust me I am a doctor and specialist.
The one you call wiseguy.
bazermc said:.... and the government missed thair cut of tax receipts and of story.
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