Budget 2010 – VAT Thresholds
The taxable turnover threshold, that determines whether you should be registered for VAT, will increase from £68,000 to £70,000 from 1 April 2010. The taxable turnover threshold that determines whether you could apply for deregistration will be increased from £66,000 to £68,000 on the same date.
Businesses will be required to register for VAT if they meet either of the following two conditions:
- At the end of any month, the value of the taxable supplies made in the past 12 months or less has exceeded £70,000or
- At any time there are reasonable grounds for believing that the value of taxable supplies to be made in the next 30 days alone will exceed £70,000.