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Should I be registered for VAT?

POSTED BY: Karen Robertson

08 October 19

HMRC’s VAT Notice 700/1: should I be registered for VAT? has recently been updated. The notice has been updated to reflect temporary arrangements regarding VAT registration should the UK leave the EU without a deal. These changes enable businesses to submit advanced notification of UK VAT registration under specific circumstances.

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 Budget 2018, that the taxable turnover registration and deregistration thresholds will be frozen at the current rates until 31 March 2022.

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 and deregistration threshold for relevant acquisitions from other EU Member States is also £85,000.

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