HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them.
The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT and its effect on profits.
A business must register for VAT if:
- Their total VAT taxable turnover for the previous 12 months is more than £90,000 (the VAT threshold – until 31 March 2024 itr was £85,000).
- They expect their turnover to go over the £90,000 VAT thresholds in the nexyt 30 days.
- They are an overseas business not based in the UK and supply goods or services to the UK (or expect to in the next 30 days) – regardless of VAT taxable turnover.
