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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I started a business and registered for VAT. After

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Hi, I started a business and registered for VAT. After completing second quarter I realised I can go under the threshold and be better off.
I decided to deregister after January 2020 when I can show my takings are below the threshold.
The problem I have is that I am struggling to pay the last two quarters which is now £4000. I am very worried about it as it will take me best part of next year to clear it, but do not know what to say to them. Can you help with any advise.
thanks.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

Once HMRC has agreed to deregister you for VAT purposes then you should write to them and agree a payment plan to clear outstanding VAT.

You need to offer a credible plan to clear the debt and accrued interest in a time span of no more than 12 months.

My aim is to give you aprofessional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

 

Customer: replied 6 days ago.
Thanks. I could do that then, but in the meantime what should I do. I am only paying £50 per week. I am worried that they come and demand the amount.
Customer: replied 6 days ago.
Hi, do I need to pay more to speak with you.

Thank you for your reply.

Provided you don't default on your payments, HMRC would be receptive to your plan. If they come for the amount you need to convince them that you are doing your best to clear the debt.

There is extra charge for phone call.

I hope this is helpful and answers your question.

 

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

Many thanks.

Customer: replied 6 days ago.
Hi, you have answered the question. Thanks

Thank you for your reply.

I will appreciate if you would kindly rate my service by selecting the 5 stars at the top of the screen to ensure I get credited for it by Just Answer today.

Many thanks

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Best wishes.