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Post Info TOPIC: Transfer of VAT number
Artois


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Transfer of VAT number
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Afternoon all

I have a sole trader client who has just gained a large job which will end up sending him over the VAT threshold over the coming months so we have decided to register for VAT now before it starts, customer is a VAT registered contractor so no problems with additional cost as this can be reclaimed.

He is also considering going LTD if it works out beneficial and I just wanted to know if he registers now as a sole trader can he transfer this over to the LTD Co or would he have to deregister and then reapply in the LTD's name.

Any advice would be greatly appreciated as always

Cheers

 



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Doug

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


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Hi Doug Short answer, yes. Whether it's advisable is yes if he hasn't defaulted in the meantime.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

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

You should check out answers with reference to the legal position
Bucks Bodger


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Hi Doug

I'v been looking into this for a client, this is what I gleaned from HMRC's website :

If the legal entity of the business has changed there are two steps to complete:

the previous legal entity must deregister from VAT
the new legal entity must register for VAT in their own right - to do this they will need to sign in to HM Revenue & Customs (HMRC) online services, follow the 'Register for HMRC taxes' link and choose the VAT option

If the new legal entity wants to keep the existing VAT registration number their VAT registration application must be received by HMRC within 15 working days from the date the deregistration request is submitted. If it's not received within this time the existing registration will be cancelled and the number won't be transferred.

HTH

Eunice

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Eunice Cubbage
Artois


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Hi Joanne, Hi Eunice

Thanks for the replies

So just to confirm, the sole trader can transfer the VAT number to the new LTD but he will need to deregister as a sole trader and the LTD would have to register within 15 working days of this then they can continue to use the same number, is that correct?

Cheers 

 



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Doug

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


Master Book-keeper

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Hi Doug
My understanding matches Eunice's.

VAT7 for de-registration, VAT1 for registration and form VAT68 to request a transfer, the latter below

assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/372699/vat68.pdf

Although - so much easier to just do it all online (so I believe - never actually done one, but at least all those forms cant get lost in the post!)


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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

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

You should check out answers with reference to the legal position
Artois


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Hi Joanne

Thanks for that, will definitely be doing it online



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Doug

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


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Doug, if deregistering make sure you have got to the end of the online form.  I deregistered two people last year and both times the deregistration never went through. After checking with VAT the lady admitted that you think you've completed all the sections as you have all ticks but there's another couple of sections to go through.



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John 

 

 

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


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Leger wrote:

Doug, if deregistering make sure you have got to the end of the online form.  I deregistered two people last year and both times the deregistration never went through. After checking with VAT the lady admitted that you think you've completed all the sections as you have all ticks but there's another couple of sections to go through.

 Hi John, thanks that's handy to know

Sounds like exactly the sort of thing I would do, think I have finished and log out when there is still loads left 



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Doug

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