VAT Threshold 2017

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will increase from £83,000 to £85,000 from 1 April 2017. The taxable turnover threshold that determines whether businesses can apply for deregistration will be increased from £81,000 to £83,000 on the same date. Businesses are required to register for VAT if they meet either of the following two conditions: The registration and deregistration threshold for relevant acquisitions from other EU Member States will also be increased from £83,000 to £85,000. <ol> <li>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</li> <li>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.</li> </ol> There is an added incentive now to fall below the VAT registration threshold, as your requirement to file online quarterly returns to HMRC has been pushed back to April 2019.