B
buggeen
Guest
Hi there,
I had a go at running my own company last year. Unfortunately things never really got off the ground and I now want to wrap up the business.
I registered for VAT as I was going to be making a substantial investment in hardware for the business and stock. I bought a good bit of equipment and claimed the VAT back on this. However I did not make any sales so never paid VAT on sales.
I no longer want to be registered for VAT. What is involved in in this and how do I go about it? Will I have to pay the VAT back on the equipment I bought? I am not selling the equipment on, just taking the hit on it.
I had a go at running my own company last year. Unfortunately things never really got off the ground and I now want to wrap up the business.
I registered for VAT as I was going to be making a substantial investment in hardware for the business and stock. I bought a good bit of equipment and claimed the VAT back on this. However I did not make any sales so never paid VAT on sales.
I no longer want to be registered for VAT. What is involved in in this and how do I go about it? Will I have to pay the VAT back on the equipment I bought? I am not selling the equipment on, just taking the hit on it.