Hammond To Reduce VAT Threshold In Budget?

[plasticpig]

http://www.telegraph.co.uk/news/2017/11/03/one-mil...

In two minds about this. On the one hand it will add extra red tape for many one man band businesses. On the other it removes a questionable competitive advantage and levels the playing field somewhat. The current threshold is way too high compared to most other European countries.

Edited by plasticpig on Saturday 11th November 09:47

[plasticpig]

PurpleMoonlight said:

It's pointless posting paywall links.

Changed the link. Didn't realize it was behind a paywall as it came up in my news feed and the link worked from there.

[plasticpig]

That seems uncertain but the suggestion in the article is between £20K and £40k. The government report this is based on is here.

Edited by plasticpig on Saturday 11th November 10:13

[plasticpig]

mickytruelove said:

Soon it will be every company needs to be VAT registered..... apart from chinese companies with their stock in the UK, they can continue to take the piss.

VAT absolutely kills the profit in my business, I cannot add 20% to prices when chinese sellers are paying no Vat and no corp tax. I have to absorb it in the price of the products .This is just one type of business (ecommerce).

All companies being VAT registered would help in that situation. It would be very easy to prove VAT fraud as every UK to UK supply would be subject to VAT.