Changes to VAT
VAT registration thresholds and shopping scheme changes
We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA
The VAT registration and deregistration thresholds will not change for a further period of two years from 1 April 2024.
At £85,000, the UK’s VAT registration threshold is more than twice as high as the EU and OECD averages.
The Chancellor has announced that VAT-free shopping scheme for visitors to Great Britain has been cancelled. The scheme was announced just three weeks ago, and would have enabled overseas tourists to get a refund on the VAT paid on goods bought on the high street or in malls, at airports and other departure points, and exported from the UK in their personal baggage.