Not my area of expertise so I'd massively appreciate any input.
A partnership (sisters) buy a commercial building that happens to have a flat above.
VAT was on the purchase so they registered in order to claim the VAT back.
They used it as a workshop before deciding to rent the space out and it was changed to a bar the new tenant.
At this stage (I know it's important) I don't know if the seller opted to tax or they did.
My limited understanding is that if they opted to tax and they deregistered they would have to pay the tax back. But if the seller opted to tax they could deregister without paying the VAT. If they did opt to tax, they could revoke this after 20 years.
Their current accountants are saying that they can deregister after four years but I can't find any reference to this.
Thanks in advance for any input.