VAT deregistration - value of assets | AccountingWEB

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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How long is a piece of string

spidersong |

Sorry to resurrect a 5 year old post but

exceljockey |