VAT Deregistration

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January 29, 2025 at 12:38 am #715034
hhhcool
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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
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Its not a real supply – but it’s demed to have been sold and therefore falls to be taxed
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