VAT issues for 2008/09

The VAT registration threshold increased from £64,000 to £67,000 from 1 April 2008.

The VAT deregistration threshold is increased from £62,000 to £65,000 from 1 April 2008.

The legislation relating to the option to tax land and/or buildings will be simplified and minor changes will be introduced to enable taxpayers to revoke an ‘option to tax’ after 20 years.

From 1 July 2008 the voluntary disclosure threshold is to increase from £2,000 to the greater of: £10,000 or 1% of turnover (subject to a maximum of £50,000)

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