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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