Tamen Logo

Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

The taxable turnover threshold, that determines whether businesses should be registered for VAT, is currently £85,000.

The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000.

It was confirmed as part of the Autumn Statement 2022 measures that the taxable turnover registration and deregistration thresholds will be frozen at the current rates until 31 March 2026.

Businesses are required to register for VAT if they meet either of the following two conditions:

  • At the end of any month, the value of the taxable supplies made in the past 12 months or less has exceeded £85,000; or
  • At any time, there are reasonable grounds for believing that the value of taxable supplies to be made in the next 30 days alone will exceed £85,000.
  • The registration threshold for relevant acquisitions from other EU Member States into Northern Ireland is also £85,000.

 

Businesses with no physical presence in the UK may also have a liability to be VAT registered in the UK if they supply any goods or services to the UK.

Share this post:

Looking for instant advice?

Our team are waiting to answer any question you may have via our live chat feature.

Socials

Contact our team

Call us on:

01204 391 505

Email us on:

mjs@tamenaccountants.co.uk

Related blog articles

18th Apr 24 | Updates/ News

New employment protections...

The following changes were enacted from 6 April 2024. These changes apply to England, Wales...

Read more

16th Apr 24 | Updates/ News

Opening up small company reporting...

Companies House are working on detailed changes that will require small and micro sized companies...

Read more

12th Apr 24 | Updates/ News

Boost for small businesses...

In a recent press release, HMRC underlined the benefits to smaller businesses from the increase...

Read more

Let us know your thoughts

Leave a Reply

Your email address will not be published.