I have a prospective client who is enquiring about his potential liability to register for VAT.
Looking at 12 month rolling turnover figures, he consistently exceeds the registration threshold between September 2014 to May 2015. However, he ceased trading on 31/12/15 and the turnover figures for y/e 30/9/15, y/e 31/10 15, y/e 30/11/15 and y/e 31/12/15 are all below £79,000. On this basis , Am I correct in saying he does not need to register for VAT ? Does he still need to inform HMRC and request an exception on basis of temporarily exceeding the VAT threshold ?
27th Jan 2016
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VAT retrospective exception
VAT retrospective exception