Mathematics · Taxation and VAT Calculations
Vikram ceased trading on 17 June 2024. Consider the following statements concerning his responsibilities regarding UK VAT: 1. Vikram should have notified HM Revenue and Customs (HMRC) that he had ceased to make taxable supplies by 30 July 2024. 2. Vikram must account for output tax on the value of non-current assets and inventory held at the date of deregistration on which a deduction for input tax was previously claimed, unless the total VAT due on these assets does not exceed £250. Which of the statements given above is/are true?
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