1 April 2024 saw the VAT 12-month taxable turnover threshold rise from £85k to £90k. This measure was announced by the Chancellor in the Spring Budget with the aim of helping to support small and medium-sized enterprises (SMEs).
The deregistration threshold limit also increased by £5,000 from £83,000 to £88,000 from 1 April 2024.
For Northern Ireland, the registration and deregistration thresholds for acquisitions will increase from £85,000 to £90,000.
Businesses can continue to opt to register voluntarily for VAT if their taxable turnover is below £90,000.
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