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VAT Registration Threshold

The VAT registration threshold went up from £79,000 to £81,000 on 1st April 2014.  At the same time the deregistration value for taxable supplies rose from £77,000 to £79,000.

Along with the decision to voluntarily register for VAT (or compulsory) you also have the option of accounting for VAT on a cash accounting basis and there are a number of VAT schemes such as the Flat Rate scheme, Annual scheme etc which may be beneficial to your business.

If you are approaching the VAT limit it is worth having a chat with your accountant !

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