VAT - **** 'em

[Louis Balfour]

I've just been in to see a clothes alteration place I know. A sign saying "cash only" has sprung up on the counter.

I asked the owner about it and he said, "I crept into VATable turnover and had to shell out £18k that I didn't expect. So I've laid off my part-time lad, I'm closing an extra day of the week and just in case it's cash only from now on."

He went on to say that he was the sixth business this month that his accountant has had wanting to de-register.

Our local barber has done the same thing.

Assuming this is country-wide, it cannot be helping our economy or government receipts.

[Louis Balfour]

Silverage said:

Threshold increased to £90,000 from 1 April. I don't think anyone was expecting that.

Problem solved then.