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  • Writer's pictureGiraffe Accountants

💡 Important Update: VAT Threshold Increased to £90,000 from 1 April 2024 💡

Updated: Jun 30

Did you know about this VAT Threshold increase change?

At Giraffe Accountants, we want to keep you informed about significant changes affecting your business. Here are some essential tips to help you navigate this change and optimise your VAT processes:

1. Register for VAT: Ensure your business is registered for VAT if your turnover exceeds the new £90,000 threshold. You need to consider this monthly, not just once a year! Timely registration helps you avoid penalties and ensures compliance with HMRC regulations.

2. Monitor VAT Threshold Changes: Stay informed about changes to VAT thresholds. The recent VAT threshold increase to £90,000 impacts your business's obligation to register for VAT if your turnover exceeds this new limit.

3. Maintain Accurate Records: Keep detailed records of all transactions, including sales and purchases, to ensure accurate VAT reporting. Proper documentation is crucial for audits and compliance.

4. Understand VAT Rates: Familiarise yourself with the different VAT rates applicable to your products or services, including standard, reduced, and zero rates, to charge and reclaim the correct amounts.

5. Timely VAT Returns: Submit your VAT returns on time to avoid late penalties. Using accounting software can streamline this process and ensure accuracy.

6. Reclaim VAT on Business Expenses: Make sure to reclaim VAT on eligible business expenses, such as supplies, equipment, and services. This can significantly reduce your overall tax liability.

7. Stay Updated on VAT Changes: VAT regulations can change frequently. Stay informed about updates and new rules to ensure ongoing compliance.

8. Seek Professional Advice: VAT can be complex, and errors can be costly. Consult with our expert team to ensure your VAT processes are optimised and compliant.

We’re here to help you manage your VAT obligations efficiently.

Visit us at The Track Bognor Regis for personalised advice and support.

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