VAT deregistration - value of assets
The Revenue guidance explains that you need to put a value on stock and assets on hand when deregistering for VAT, and declare the VAT if >£1k. For a depreciating asset worth c £50k what steps would the taxman expect you to take in order to provide a reasonable value?
If you do it yourself and it really is just a best guess, is that sufficient and do the Revenue ever query the figures declared? If so, is it better to get a professional valuation in the first place?
Any thoughts/comments would be appreciated.
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