Changes to VAT - 2006

The threshold for VAT registration will again increse this year. The new threshold for registration will be 61,000 turnover. The new threshold for de-registration will be 59,000.

The following information is not new but offered as a reminder for companies considering VAT registration

Pre-registration input VAT

Remember that VAT can be reclaimed on input VAT incurred on goods for resale purchased up to 3 years prior to date of registration and which are still on hand at that date and also on VAT incurred on services up to 6 months before the date of registration. The time limit for this claim is 36 months after the date of registration.

April 2006

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