Do you need to register for VAT in 2024?

Posted on 4th January 2024 by Streets Value Added Tax


Image to represent 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:

  1. 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
  2. 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).


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


VAT recovery from car leasing payments

The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, we highlight key points to consider regarding the recovery of input tax (VAT) when leasing vehicles. We have covered below some


Construction industry - VAT reverse charge

There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between construction or building


When you must register for VAT

The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024. Businesses must register for VAT if they meet one of the following conditions: At the end of any month, the value of taxable supplies made

You might also be interested in...