VAT - Thresholds, Fines and Penalties

Written By Bev Iles

VAT (Value Added Tax) is a tax added to most products and services sold by VAT-registered businesses.

A business needs to register for VAT when their turnover reaches the threshold of £90,000 or is within 30 days of doing so. This threshold increased on April 1, 2024, from £85,000. This threshold is assessed over a 12 month rolling period not a financial or tax year – don’t get caught out!

There are penalties for non-submission and late payment. To see full details please use the following link:

How late payment penalties work if you pay VAT late - GOV.UK (www.gov.uk)

If you feel you are near the threshold or have any questions or concerns, please do not hesitate to get in touch.

Bev Iles
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Self Assessment Income Tax - Payments On Account