Smart Ltd began trading on 1 September 2022. Taxable turnover for the first four months of trading was as follows: September 2022 26,000, October 2022 47,000, November 2022 134,000, December 2022 113,000. On 1 November 2022, the company signed a contract to supply standard-rated services valued at 96,000 (before VAT) for completion during November 2022.

Required: State, giving reasons, the date from which Smart Ltd was required to register for VAT and the date by which it was required to notify HMRC of the registration.

Answer the following questions: (a) who should register for VAT? (b) when should registration occur? (c) what are the consequences of failing to register? (d) when may a taxable person deregister? (e) why might someone choose to register voluntarily?