The Treasury advises that the VAT registration and deregistration thresholds are to increase on 1 April 2024.
With effect from the 1 April 2024 the VAT registration threshold (above which persons making taxable supplies are required to register and account for VAT) is increasing from £85,000 to £90,000. Businesses can still opt to register voluntarily if their taxable turnover is below this.
Subsequently, the deregistration threshold will also increase on 1 April 2024. The taxable turnover threshold which determines whether a person may apply for deregistration will be £88,000 as opposed to £83,000. This is to avoid businesses trading around the threshold level having constantly to register and deregister. However, if your business is operating below the threshold and you are VAT registered, you do not have to de-register.
Under the terms of the Customs and Excise Agreement the Island is obliged to maintain its Customs and Excise legislation and procedures to ensure they correspond to those in force in the United Kingdom.
For general enquiries please email customs@gov.im or call +44 1624 648130 (Monday to Friday 8:30am to 4:30pm).
