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Do you need to register for VAT in 2024?

4 January 2024

VAT registration threshold is £85,000, deregistration at £83,000. Mandatory if past 12-month supplies exceed or expect to exceed £85,000 in 30 days. Review past 12 months and monitor future sales. Non-UK businesses may register for providing UK services as required.

The current threshold to register for VAT for businesses is £85,000, while the threshold for businesses to apply for deregistration is £83,000.

If a business meets either of the following two conditions, it must register for VAT:

  1. 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
  2. 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.

You must review the past 12 months to check for a registration requirement. Additionally, you must monitor future sales if expecting taxable supplies over £85,000 in the next 30 days.

The registration threshold for relevant acquisitions from other EU Member States into Northern Ireland is also £85,000.

Is a business has no physical presence in the UK, it may need to register for VAT. However, this is only if they are supplying services to the UK or expecting to in the next 30 days).

Source: HM Revenue & Customs Tue, 02 Jan 2024 00:00:00 +0100

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