Do you need to register for VAT in 2024?
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.
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.
This means that you are required to look back over the last 12 months to see if you have a requirement to register and at the same time keep an eye on your future sales if you expect to make 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.
Businesses with no physical presence in the UK may have a liability to be VAT registered in the UK if they supply any goods or services to the UK (or expect to in the next 30 days).