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VAT threshold to be lowered ?

I've long believed that the VAT threshold should be lowered or abolished to provide every business a level playing field, to reduce cash-no-vat transactions, encourage growth and generate additional tax revenue. It's a subject much discussed on LJN in the past.

The Government's OTS has just published its first review of VAT thresholds, hence are actively considering options to simplify the already complex VAT area.

Various financial pundits are suggesting a reduction to £26K or even £20K could be on the cards, with some even hoping for a £0 threshold (unlikely, I'd suggest).

The FSB produced a White Paper some time ago and are expected to review its recommendations for the SME sector to the Government.

So, it's a "watch this space" situation for now............

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Replies

                    • PRO

                      Well there is slight growth still, but I had had enough this year, so I just told everyone that I was finished at the end of October, and to just contact me if they want/need another mow. No one has yet though, and in another 2 weeks I'll be 'winterising' all my kit till spring :)

                    • PRO

                      I would find it very hard if not impossible to go and do this work for an employer now , It's just the way it is.  To me self employment is liberating . 

            • PRO

              Yes if it's a one man band from a lower income section of society. I'd far rather him be out with his Astra estate and second hand tools charging £12 an hour than on benefits. For this reason I'd have to say I'd prefer VAT at £20k rather than zero I think.

  • PRO

    I have suggested to the powers that be that a flat rate of 10% would be good. Then the difference between getting a " cash job" done by smaller companies with less resources and health and safety overheads would be more attractive to residential customers who where not VAT registered. 20% is too much of a difference and householders are more likely to go for the lesser amount even though its quite possible they are getting lesser trained and insured companies to do the work with little or no recourse. VAT for smaller companies really isnt something to be scared of as their are many benefits to being VAT registered. I think this needs to be explained more and more support given to smaller companies. There is support out there but many smaller companies either don't know about it or are less confident in talking to some of these buisness support agencies,

  • PRO

    The number being passed around at the moment seems to be £43k, although there's nothing concrete yet.

    • PRO
      We should open a ‘book’ ;-) .........
  • Vat already kills 50 percent of my quotes since moving out of London. Adding 200 quid to every grand is an inessential cost to most domestic home owners, especially when the tax use of our government is questionable at best. Also I am loathe to take cash payment so would hope for an improvement in government spending before lowering vat threshold,
  • PRO

    Well it was held for the next two years, essentially a small lower I suppose due to inflation.

    • PRO
      Oh good! Really couldn't be doing with the hassle of becoming vat registered when I'm trying to simplify my business and down size.
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