going from a Ltd company to a sole trader

clearaccounting100 Registered Posts: 49 Regular contributor ⭐
I have a client who is the only director of a Ltd company it is a retail trial bike and accessory and repair shop, his year end is the end of the month and he is VAT registered. He is looking to simplify things and wants to tun the business as a sole trader. Can anyone please give me advise on how to go about doing this. In particular, how does he go about deregistering the company for VAT and register himself for VAT? Can he use the same trading name but just without the Ltd? Does he just get the stock and fixtures valued and then pay the company for the assets and then that amount is shown as capital introduced as a sole trader? is there anything else i need to look out for? Sorry to ask so many questions, this is just a new situation for me. All help would be much appreciated.

Many thanks
Linda :) x
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