Many – well in the yoga sector most – businesses have seen a drop in turnover over recent months.
If you are VAT registered, eg a Yoga studio, this may have taken you below the VAT threshold – so can you de-register?
Well, its attractive, and probably beneficial if you can. But as with a lot of things the devil is in the detail, and the problem is for businesses hovering around the VAT De-Registration threshold of £83k is that De-Registration can paradoxically lead to your turnover increasing and taking you back above the Registration Threshold of £85k – which means HMRC won’t allow De-Registration.
We’ve prepared a guide looking at this in a bit more detail
As always we are happy to talk this through on an individual basis.