- VAT registration and deregistration thresholds will increase from 1 April 2024
- VAT registration threshold will increase from £85,000 to £90,000
- Businesses can still voluntarily register if their taxable turnover is below the threshold
- Deregistration threshold will increase to £88,000 from £83,000
- Businesses operating below the threshold do not have to deregister
- Island is obligated to maintain Customs and Excise legislation in line with the UK
Source: gov.im
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
