What to Do If You Didn't Realise You Went Over the VAT Threshold?
Navigating the complexities of VAT (Value Added Tax) can be challenging for UK businesses, especially when it comes to understanding and complying with the VAT threshold. In 2024, the VAT registration threshold is set at £90,000, which means any business with a taxable turnover exceeding this amount within a 12-month period must register for VAT with HM Revenue and Customs (HMRC). This article explores what to do if you realize you have inadvertently exceeded the VAT threshold and how to manage this situation effectively.