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VAT changes leaked via Twitter
Written by Gary Howes   
Wednesday, 01 April 2009 10:04
UK Economic Policy: Speculation is rife today that the threshold for VAT registration could be lifted in the upcoming budget.

What is understood to be a leaked government document is currently being circulated suggesting the threshold for VAT registration will be lifted to £100 000.

Mark Lee the Chairman of TaxAdviceNetwork.co.uk has said he picked up on a conversation on social network site Twitter suggesting the changes are nigh.

"I picked this leak up through loose twitter chat and then secured a copy of the relevant document which seems genuine," says Lee.

Details of the VAT changes on the document include:


General description of the measure  
 
2. The measure increases the taxable turnover threshold which determines  
whether a person must be registered for VAT from £67,000 to £100,000.  
 
3. The taxable turnover threshold which determines whether a person may  
apply for deregistration will be increased from £65,000 to £99,000. The  
existing conditions for determining entitlement or liability to deregistration  
remain unchanged.  
 
4. The registration and deregistration threshold for relevant acquisitions from  
other European Union Member States will also be increased from £65,000  
to £97,000.  
 
Operative date  
 
5. The new registration and deregistration thresholds will have effect on and  
after 1 May 2009.