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VAT Deregistration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › VAT Deregistration

  • This topic has 1 reply, 2 voices, and was last updated 3 months ago by JillyB.
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  • January 29, 2025 at 12:38 am #715034
    hhhcool
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    In lecture note, relating to vat deregistration there is a line which I cant clearly understand the meaning relating to ‘deemed supply’.

    There is a deemed supply of business assets such as plant, equipment and trading inventory when a trader ceases to be VAT registered, unless vat due on the assets is more than 1000.

    Please clarify.

    January 30, 2025 at 4:44 pm #715074
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    Its not a real supply – but it’s demed to have been sold and therefore falls to be taxed

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