I am a sole trader since 2017 and was vat registered from the get-go even though I was below the threshold. My average turnover from year two has been about 80,000k.
i am considering closing the business and am wondering about vat implications. As a primary food producer I have not charged vat on my products but i have been able to claim vat on my purchases throughout the last 5 years. Will i be required to refund the vat claimed during this time?
i have some assets i intend to sell if i closedown, ammounting to about 20,000k in value.
thanks
i am considering closing the business and am wondering about vat implications. As a primary food producer I have not charged vat on my products but i have been able to claim vat on my purchases throughout the last 5 years. Will i be required to refund the vat claimed during this time?
i have some assets i intend to sell if i closedown, ammounting to about 20,000k in value.
thanks