30 March 2012 | Uncategorized
With effect from 1 April 2012 the VAT Registration threshold has increased from £73,000 to £77,000 and the De-registration threshold from £71,000 to £75,000.
Traders have to remember that the limits are measured on a rolling quarterly basis, so if your turnover in the past three months exceeded £19,000 then you need to take advice and review the position to determine if you need to register for VAT or not.
Penalties for late registration (or non-registration) are severe, and the Revenue computer now automatically produces lists of traders with a turnover above the limits and no VAT Registration for HMRC to pursue.
For more information, contact Angus Nicolson.
The information provided is for general information purposes only.
Legislation and details may have changed since this was written. The text may not include all matters that are relevant to your individual situation.
You should not make decisions, or refrain from making decisions, without taking further professional advice about your specific circumstances.
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