Understanding VAT Thresholds in 2024: A Complete Guide for UK Businesses
For businesses operating in the UK, understanding VAT (Value Added Tax) and meeting compliance requirements is critical. VAT is a consumption tax applied to most goods and services, and when your business crosses a certain financial limit—known as the VAT threshold—you are required to register for VAT. Failing to do so can result in penalties and interest charges from HMRC (Her Majesty’s Revenue and Customs).