United Kingdom Tax Agency Announces Increases in VAT Registration, Deregistration Thresholds

The United Kingdom HM Revenue and Customs April 2 updated the supplement to VAT Notice 700/1 to reflect increases in the 12-month taxable turnover thresholds for VAT registration and deregistration, as announced in Spring Budget 2024. The supplement reflects April 1 increases in the: 1) registration threshold to 90,000 British pounds (US$113,803) from 85,000 pounds (US$107,481); and 2) deregistration threshold to 88,000 pounds (US$111,310) from 83,000 pounds (US$104,992). In addition, the Tax Agency explains in a policy paper that the registration and deregistration thresholds for Northern Ireland for acquisitions increased to 90,000 pounds from 85,000 pounds on April 1. [United ...