Budget 2024: When do I need to register for VAT?

There were changes to VAT annoucned in Budget 2024. The VAT registration threshold is going to increase. 

Value Added Tax, known as VAT, is a tax that is payable on sales of goods or services. You need to start charging VAT on your goods or services once your sales exceed a certain threshold.

You will need to register for VAT when your sale of candles exceeds, or is expected to exceed, €80,000. Until now, the VAT registration threshold for goods has been €75,000, so the threshold has been increased by €5,000.

The VAT registration threshold for the provision of services has also been increased to €40,000 (from €37,500). 

Late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged so it is important to register on time and keep on top of your VAT responsibilities. 

For full details on how the budget may affect your business download our Budget 2024 Summary here. 

 

Date published 11 Oct 2023 | Last updated 11 Oct 2023

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.