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The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT and its effect on profits.
A business must register for VAT if:
- their total VAT taxable turnover for the previous 12 months is more than £90,000 -known as the ‘VAT threshold’ - until 31 March 2024 this was £85,000.
- they expect their turnover to go over the £90,000 VAT threshold in the next 30 days.
- they are an overseas business not based in the UK and supply goods or services to the UK (or expect to in the next 30 days) – regardless of VAT taxable turnover.
A VAT-registered business must charge VAT on eligible sales and can usually reclaim it on eligible purchases.
There are around 300,000 new VAT registrations each year.
The estimator can help any business to see what registering for VAT could mean, as well as linking to further information about the registration process. It is also a useful tool for businesses operating below the threshold and considering voluntary registration.