Sunday, 8 April 2012

VAT: Changes to the Registration & Deregistration Thresholds

The registration threshold for VAT is now £77,000 from the 1st April 2012 with the corresponding de-registration threshold set at £75,000.

From 1st December 2012, the threshold for overseas businesses trading in the UK will be removed, (i.e. a nil registration threshold will apply), bringing the UK in line with other European jurisdictions.

Also, by 31st October 2012 HMRC will introduce an online VAT facility where businesses will be able to register, deregister and amend their company details.

Footnote: the £4,000 increase in the VAT threshold is the largest in recent years and will increase the number of businesses that will escape the VAT net.
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