Increase in VAT registration threshold good news for some, but 'cliff edge' remains |
Martin Blanche, Head of Indirect Tax at PwC says: “The increase in the VAT registration threshold [which has been frozen since 2017] from £85k to £90k will be welcomed by many small businesses up and down the UK as some will no longer need to register for and charge VAT. “The overall impact will be relatively modest, as it will only affect businesses with revenues between £85k and £90k per annum. Those who exceed the increased threshold will still need to register for VAT and comply with UK VAT rules in respect of all their revenue.“While this is good news for some, the 'cliff edge' effect of the VAT registration threshold still remains for many of the small businesses who may be looking for further support.” |
Spring Budget 2024
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