On 23 March 2011, the Chancellor, George Osborne, delivered the 2011 Budget. Here are the main points concerning VAT.
From 1 April 2011 the registration threshold will rise to £73,000 and the de-registration threshold to £71,000. VAT registration, de-registration and notification of changes will have to be done online as from 1 August 2012.
The threshold at which Low Value Consignment Relief (LVCR) operates is being reduced from £18 to £15 from 1 November 2011. The Government is going to explore ways with the European Commission to limit LVCR and will look again in the future about reducing the threshold even further if this proves unsuccessful.
The Government will continue to consult on the options for implementing the VAT cost sharing exemption into UK legislation to allow organisations, such as charities and housing associations, to make efficiency savings where they work together.
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