A business must deregister for VAT if it stops making taxable supplies, and can choose to deregister voluntarily if its taxable turnover falls below the deregistration threshold of £88,000.
Final VAT return and stock on hand
A final VAT return must be submitted covering the period up to deregistration, and VAT may be due on business assets and stock still held if their value exceeds £1,000.
Tax rules depend on individual circumstances and can change. This glossary is general information rather than personalised tax advice.