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Tax Tutor.
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agnes222
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Respected Tax Tutor,
first of all many thanks for doing such a great work. Your lecture videos have been of immense help to me.
sir actually i wanted to know if a company has to undergo VAT deregistration either voluntarily or compulsorily, are they allowed to charge Output VAT atleast on the goods on which they have already reclaimed Input VAT and are yet to sell those goods? Or that they have to pay Output VAT to HMRC without having the right to charge output VAT on their final goods(due to their deregistration).
Am specifically talking about those goods on which Input VAT has been claimed.
Your help would be much appreciated.
Tax Tutor
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As per chapter 25 section 1.5 note (c) on page 144 of the Study Notes, the trader is required to account for the output VAT that would be due on the disposal of those items
Tax Tutor
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