
Starting a new business? Get 40% off our accountancy services for 3 months! 😀
Good news! You can still reclaim (or claim) VAT for a period of time after you deregister for VAT. You might be able to:
There are time limits for how long you can claim after cancelling your registration, which depend on what your claim is for.
As long as you haven’t already claimed it on a previous VAT return, you can reclaim the VAT you paid on eligible purchases while you were VAT registered.
You can reclaim the VAT that you paid on services (but not goods) which were supplied after cancelling your VAT registration, as long as they relate to your taxable activities. Solicitor’s fees are a good example of this.
There may be times that you account for VAT on sales, but don’t actually receive any payment from the customer. If this reaches a point where you need to write the amount off as a bad debt, you can normally claim relief on the VAT that you paid to HMRC from the sale. If you identify a sale as a bad debt after cancelling your VAT registration, you can sometimes still claim relief.
It’s worth noting that if the debt ends up being paid at a later date, you will need to pay the VAT back to HMRC!
Once you deregister for VAT and make your final VAT submission, you can reclaim or claim VAT relief using a VAT427 form.
Learn more about our online accountancy services. Call the team on 020 3355 4047 get an instant quote online.
Subscribe to our newsletter to get accounting tips like this right to your inbox
This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…
Read MoreWhen you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…
Read MoreHere at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…
Read MoreThe number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?
Please contact our sales team if you’re unsure
It is unlikely you will need this service, unless you are voluntarily registered for VAT.
Are you sure this is correct?
Call us on 020 3355 4047 if you’re not sure.
You only need this service if you want us to complete the bookkeeping on your behalf.
Would you prefer to complete your own bookkeeping?
Call us on 020 3355 4047 if you’re not sure.