The taxable turnover threshold which determines whether a person established in the UK must be registered for VAT, will be increased from £79,000 to …
– The taxable turnover threshold which determines whether a person established in the UK must be registered for VAT, will be increased from £79,000 to £81,000.
– The taxable turnover threshold which determines whether a person may apply for deregistration will be increased from £77,000 to £79,000.
– The registration and deregistration threshold for relevant acquisitions from other EU Member States will also be increased from £79,000 to £81,000.
Prompt payment Discounts
UK VAT law on prompt payment discounts will be aligned with the Principal VAT Directive from 1 May 2015. Where there has been perceived abuse, the change will be effective from 1 April 2014.
Steve Botham
Covertax Chartered Tax Advisers
