30 March 2012    |    Uncategorized

VAT Registration and Deregistration thresholds

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.

Glasgow
31 Lynedoch St.
G3 6EF

Kilmarnock
71 King Street
KA1 1PT

Stornoway
49-50 Bayhead
HS1 2DZ

Website by Haiwyre