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Key points
- A business can deregister from VAT retrospectively only if it has ceased trading.
- HMRC may accept a late election if the taxpayer can prove it made the decision to opt to tax.
- The likelihood of HMRC accepting a late application to join the flat rate scheme is low.
- A special method for partial exemption may be used in specific circumstances.
In an interview after her resignation as prime minister David Frost asked Margaret Thatcher if she would consider returning to that job. At the time her successor John Major was having a pretty torrid time of things. She staunchly replied that she would never go back. However in the world of the nation’s favourite tax accountants often ask me if it...
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