N
ncur
Guest
Hi, My husband's plastering company has made a loss this year of £5k. This is the first time we've made a loss and are contemplating de-registering for VAT. I'm not sure if it would be in our interest to or not so I'm hoping for a bit of advice.
We are currently on the flat scheme VAT rate of 8.5%. I'm aware that if we de-register we'd need to repay VAT on assets that we currently have, our problem with this is that we have made a LOSS and finances are very very tight so this would be our first problem - do you know if HMRC would allow you to pay this up? (probably not!). Would we be entitled to anything back from VAT due to us making a loss? - we've claimed a tax relief on our self assessment.
We need to competitively price work now for private customers who are not VAT registered and see the deregistration as the only way to increase our profits. Would we just need to complete a form or can we do it over the phone?
Any advice would be greatly received.
Thanks
We are currently on the flat scheme VAT rate of 8.5%. I'm aware that if we de-register we'd need to repay VAT on assets that we currently have, our problem with this is that we have made a LOSS and finances are very very tight so this would be our first problem - do you know if HMRC would allow you to pay this up? (probably not!). Would we be entitled to anything back from VAT due to us making a loss? - we've claimed a tax relief on our self assessment.
We need to competitively price work now for private customers who are not VAT registered and see the deregistration as the only way to increase our profits. Would we just need to complete a form or can we do it over the phone?
Any advice would be greatly received.
Thanks