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.
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