At what point does your small business have to start paying VAT? Should you voluntarily pay VAT? And what are legitimate ways to stay under the VAT threshold?
The VAT threshold is the volume of annual turnover at which businesses are required to register for value-added tax (VAT).
The VAT registration and de-registration thresholds will increase from 1 April 2024.
The 12-month taxable turnover threshold which determines whether a person must be registered for VAT will increase from £85,000 to £90,000.
The 12-month taxable turnover threshold which determines whether a person may apply for de-registration will increase from £83,000 to £88,000.
