What changes do I need to record on my VAT registration?
Inform HMRC within 30 days if any of the information you gave whilst registering for VAT changes. This might include changes such as:
A change of business name or address.
The death or serious illness of a partner or other member of the business.
Partnership changes, including a new partner joining or one leaving.
If the legal status of a business changes, for instance if a sole trader becomes a limited company.
You sell the business to someone else. The new owners might be able to transfer the registration to themselves.
The business closes, or otherwise stops trading.
Your main business activity changes.
If your bank details change. This is so that there are no issues with collecting your VAT payment, or when sending repayments.
If you register for VAT but stop selling goods or services liable for VAT, you’ll need to cancel your registration. You can also apply to cancel your VAT registration if turnover is less than the registration threshold.
How to cancel your VAT registration
Cancelling your VAT registration online is fairly simple, as long as you’re already signed up for online VAT services. If you aren’t registered for online services, you’ll need to complete and submit a form VAT 7 to HMRC.
You must continue charging VAT, and accounting for it, until HMRC confirm that your VAT registration has been cancelled. And remember, you must keep copies of your VAT records for the minimum period!
Talk to one of the team about our online accounting services. Call 020 3355 4047, or use the live chat button on your screen.
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