VAT registration threshold raised
Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000.
Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000.
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value.
From 1 May 2023 medical services can be VAT exempt if they are performed by a person who is not a registered health professional but who is directly supervised by a pharmacist.
Traders who have used electronic sales suppression (ESS) software are in serious trouble as HMRC view this as tax fraud which is a criminal offence.
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime.
In addition to the new penalties for late VAT returns there is also a new system of penalties for late paid VAT.