My business has stopped making taxable supplies (has stopped making supplies full stop). Is it in my interest to de-regster for VAT. The LTD company is still active as we have to honour contracts and warranties for the periods they were agreed for, and we may have to issue some credit notes, as well as receive some credit notes from suppliers.
If I de-register then when I receive credit notes from suppliers, do I have to re-pay the VAT on that - they were bought obviously when we were registered, but if not, then I could de-register and avoid having a VAT bill until the LTD company is shut down.
We're only talking a few grand on the possible future credit notes received.