- "In the last 20 years our business has changed considerably…and as the focus of our business has changed, Bird Luckin have moved with us."
Alex Tanner, George Tanner (Shalford) Ltd - "Bird Luckin has looked after us incredibly well for over 60 years, they are pro-active and innovational - meeting all our needs to help us achieve our aims."
Richard Stubbings, Cliffords Limited - "I can honestly say that Bird Luckin are the best firm of accountants and auditors I have ever dealt with - and I don't say that lightly!"
Colin Webb, Walthamstow Stadium - "It's important for us to know that we will always be able to contact the right people to give us the right advice and support."
Jane Bennett, Bennetts Funeral Directors - "Although we deal mainly with one Partner … we also know that if we need to contact someone else who is a specialist in another area, we can get the advice we need quickly and easily"
Jeremy Ruggles, J.S. Wright & Sons Ltd - "Bird Luckin got us to a stage which would have taken us months - if not years - to reach on our own, and they got us there in a matter of weeks"
Matthew Sullivan, SNC Ltd - "You can be a good accountant, but if you don't have an understanding of the industry it can be very difficult. "There are two or three people we have regular contact with at Bird Luckin who know our business well, and it makes a difference.""
Robert Church, W A Church (Bures) Ltd - "The work which Bird Luckin has done for Boddingtons over the past few months has helped shape our future direction for the better."
John Warner, Chief Executive, Boddingtons Ltd - "Bird Luckin has acted for us since our inception 10 years ago. They have a very 'can do' yet highly professional attitude - we are very appreciative of their support and advice over the years."
Marlon Fox, Outlook Property Ltd
Deregistering for VAT
Deregistration is usually a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.
A business must deregister if:
- it stops making taxable supplies
- the legal entity changes, e.g. from a sole trader to a company (although the new entity could retain the existing VAT number)
- it is sold (although the owner could retain the VAT number)
- it registered because it intended to make taxable supplies but the intention no longer exists,
- it is a corporate body and wants to join a group registration, or
- it is the representative member of a group registration and the group is to be disbanded.
A business may deregister if it can satisfy HM Revenue & Customs that taxable turnover in the next 12 months will not exceed the deregistration threshold, currently £75,000. Although supplies of capital assets can be ignored in applying this threshold, positive rated supplies of land and buildings must be included. Sometimes, satisfying HM Revenue & Customs of reduced turnover levels can be difficult.
Perhaps the area most misunderstood is the treatment of assets on hand at deregistration. VAT must be accounted for on tangible assets on hand (intangible assets such as goodwill are excluded) and positive rated interests in land on hand at deregistration where the VAT due would exceed £1,000. Therefore, the VAT-inclusive value would have to be £6,000 or more if all the assets were standard rated with VAT at 20%. It is important to include any relevant assets previously acquired in a transfer of a going concern, even though no VAT would have been charged at the time. However, assets may be excluded if VAT was not deductible on their original purchase e.g. cars, goods for business entertainment and any goods wholly used for exempt activities (although if the input tax was partially recoverable, such assets must still be included).
If compulsory deregistration applies, HM Revenue & Customs will often allow the registration to stay open for up to 6 months in order to 'tie up loose ends'.