Registering/ Deregistering For VAT Isle of Man

Name of the Organization : Isle of Man Government Income Tax & National Insurance
Type of Facility : Registering/ Deregistering For VAT
Country : Isle of Man

Website : https://www.gov.im/categories/tax-vat-and-your-money/
Registration Forms: https://www.gov.im/categories/tax-vat-and-your-money/customs-and-excise/registering-for-vat/

Registering/ Deregistering For VAT :

If you are in business and you are making taxable supplies you must consider whether you have a liability to register for VAT. It is important that you register at the correct time.

Related : Apply For Income Support Isle of Man : www.statusin.org/7103.html

You must register if:
** at the end of any month, the total value of your taxable supplies you have made in the preceding 12 months (on a rolling 12-month basis) exceeds £79,000 (£81,000 from 1 April 2014) or
** at any time you expect that the value of your taxable supplies in the following 30 days will be more than £81,000
** If you are liable to, or you require to, be registered for VAT in the Isle of Man the forms listed below must be completed (where applicable).
** If you have bought a business as a going concern you may be able to keep the last owner’s registration number.
** The forms are available in Acrobat pdf format to be downloaded, but must be submitted by post (with any supporting documentation) to the:

Business Advice Centre:
Isle of Man Customs and Excise
Custom House
P.O. Box 6
Douglas
Isle of Man 1M99 1AG

If you require further guidance or advice you should refer to the relevant VAT Notices or contact the Business Advice Centre.

Deregistering For VAT:
If you are VAT registered in the Isle of Man and fall into any of the categories listed below, you must inform Isle of Man Customs and Excise in writing within 30 days, that your circumstances have changed and that your registration should be cancelled:
** You have ceased to make taxable supplies
** You close down or sell your business or have transferred it as a going concern
** You have sold your business or transferred it as a going concern to a member of a VAT group
** Your business is joining a VAT group
** Your VAT group is disbanding
** Your legal status has changed
** You registered because you intended to make taxable supplies and you no longer intend to do so
** You registered because you made, or intended to make, supplies outside the UK which would have been taxable if made in the UK, and you have stopped making or intending to make these supplies.

In addition, you can also ask for voluntary cancellation of your registration if any of the following circumstances apply:
** Your turnover exceeds the registration limits but your taxable supplies are wholly or mainly zero rated. If you make some standard rated supplies, you will need to show that your input tax will normally exceed your output tax
** You can satisfy Customs and Excise that your taxable turnover in the next 12 months will not exceed £79,000.

To apply to cancel your VAT registration, you will need to complete the application form VAT 7 MAN and return it to the Deregistration Section. Further advice on completing this form can be obtained by contacting this section on +44 1624 648168. Publice Notice 700/11, Cancelling your Registration, is available from the HMRC website.

Apply Here : https://www.gov.im/categories/tax-vat-and-your-money/customs-and-excise/deregistering-for-vat-in-the-isle-of-man/