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What’s the difference between rescinding a power of attorney and deregistration?

When it comes to terminating our services, you have two options: rescinding the power of attorney (POA) or deregistering your VAT number. Here's a brief explanation of each: 

Rescinding the Power of Attorney (POA) 
By choosing this option, you’ll no longer use SimplyVAT for your VAT return filings. Your VAT number will remain active, allowing you to file in-house or use another VAT agent. We recommend concluding our services at the end of the three-month notice period. If you prefer to terminate sooner, we’ll issue you an invoice covering the notice period and a rescission fee to finalise your account. 

Deregistering Your VAT Number 
If you decide to deregister, this means you are stopping trading or holding stock in the country of interest. Your VAT number will be deactivated with the tax authority, and you will no longer need to file VAT returns post the reporting period.  

Our Customer Success team is here to support you. They’ll provide guidance on the appropriate deregistration date, considering the three-month notice period and the timing for your final return. Please note that a deregistration fee will apply when processing this request. 

Deregistering IOSS
Tax authorities need to be informed 15 days before the end of a month to deregister your IOSS number. Otherwise, you can deregister in the following month. For example, if the tax authority is informed on 10th April, then your IOSS number can be deregistered on 30th April. If they are informed on 20th April, then the IOSS number can only be deregistered on 31 May.  

Deregistering OSS
For your OSS number, the tax authority needs to be informed before the end of a quarter to deregister in that quarter. Otherwise, deregistration moves to the next quarter. For example, if the tax authority is informed before 16th March, then your OSS number can be deregistered on 31st March. If they are informed after 16th March, then your deregistration can only take place on 30th June.  

If you have any questions or need assistance during this transition, don't hesitate to reach out to grow@simplyvat.com. We’re here to help you every step of the way.