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Post Info TOPIC: Ltd Company not trading - VAT return question


Master Book-keeper

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Ltd Company not trading - VAT return question


One of my clients will not be trading the Ltd Co this next year due to franchise prohibitions. With regards to VAT is it best to do nil returns or de-register until she starts trading again?



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Forum Moderator & Expert

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There is no point to the VAT registration until she starts trading again so no legal obligation to be registered, no advantage to the owner to be registered (i.e. no purchases to reclaim VAT against) and only a possible downside of missing a VAT lodgement or payment. Also consider the added pending complication of impending MTD.

Personally, if expecting the period of not requiring registration to be beyond one accounting period I would go for deregistratin until needed again.

Thats my opinion, others may differ.

kindest regards,

Shaun.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Thanks Shaun

I was edging towards that as well. Strictly speaking there will be a MTD filing for April to June although it will be minimal.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Guru

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If it is going to be a while before the business starts to trade again I would de-register, unless of course you want to charge a fee for filing a Nil return



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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I vote de-reg.

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Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Thanks Joanne and Doug

I wouldn't want to charge a fee just for the sake of it. so I will advise to de-register and register again when she's starts trading again.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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