Following the Budget the registration limits for VAT have been raised by Statutory Instrument SI 2014/703. As from 1st April 2014 the registration limit in VAT Act schedule 1 goes up to £81,000, amongst other changes. An important point to note is that the value of supplies made in a year is looked at on a rolling 12 month basis. The VAT Act says that for any month ending in which a business made supplies over £81,000 in the year ending in that month, then liability to be VAT registered is triggered. So a trader with sales under but close to the VAT registration limit needs to know right away if VAT registration has been triggered.
Tax Barrister, Accountant