VAT registration threshold

Since April 2015, the VAT registration threshold was £82,000.

As announced in the recent Budget, the VAT registration threshold from April 2016 will be £83,000.

If your turnover is hovering around the registration threshold, it is really important that you update your bookkeeping records regularly, so that you can quickly identify when your turnover breaches the threshold. That way you will register on time and not incur any late registration penalties. And you can start accounting for VAT, so you’re not facing any large, backdated payments to HM Revenue & Customs.

If you would like any advice or help regarding VAT registration, the VAT schemes available to you and how to manage your affairs once you become VAT registered, please do not hesitate to get in touch with us. We can put you in contact with your local TaxAssist Accountant that would be happy to help.

Date published 1 Apr 2016

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.