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Proposed New VAT Threshold 26k

 
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apexblue



Joined: 10 Sep 2008
Posts: 2244
Location: UK

PostPosted: Sat Nov 04, 2017 4:48 pm    Post subject: Proposed New VAT Threshold 26k Reply with quote

Any thoughts on the proposed VAT threshold to 26k?
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Last edited by apexblue on Sun Nov 05, 2017 7:08 pm; edited 1 time in total
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zebedee



Joined: 12 Sep 2014
Posts: 1190
Location: yorkshire dales

PostPosted: Sat Nov 04, 2017 5:22 pm    Post subject: Reply with quote

Sorry, where did you find this?
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apexblue



Joined: 10 Sep 2008
Posts: 2244
Location: UK

PostPosted: Sat Nov 04, 2017 5:23 pm    Post subject: Reply with quote

Telegraph. Read comments for more information.

http://www.telegraph.co.uk/news/2017/11/03/one-million-businesses-self-employed-people-could-dragged-vat/
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It is better to remain quiet and have one think you are stupid, than to open your mouth and remove all doubt....

The biggest mistake we make in life is thinking we have time.
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Nemo



Joined: 14 Aug 2008
Posts: 7064
Location: Norfolk

PostPosted: Mon Nov 06, 2017 6:32 pm    Post subject: Reply with quote

You need to subscribe to read it so I can't read the article or the comments. Here it is in full. I'm gobsmacked tbh.
https://www.pressreader.com/uk/the-daily-telegraph/20171104/281513636421195
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ianh100



Joined: 10 Jan 2013
Posts: 583
Location: Sherborne Dorset

PostPosted: Mon Nov 06, 2017 6:47 pm    Post subject: Reply with quote

That would be a disaster for us, we don't buy many services that we pay VAT on so this would wipe out most of the profit. I think a move that hard is more likely to discourage small business or make people try and avoid the system by taking cash payments and under declaring revenue.
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Boomhulay



Joined: 09 Mar 2016
Posts: 36
Location: London

PostPosted: Tue Nov 07, 2017 5:31 am    Post subject: Reply with quote

That would probably be the end for us. I had a thriving business ruined by the combined inefficiency of the VAT and tax offices 20 years ago and the experience nearly gave me a mental breakdown.
I just don't think I could cope with all that again.
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greenbarn



Joined: 30 May 2009
Posts: 6145
Location: The Westmorland Dales, Cumbria

PostPosted: Tue Nov 07, 2017 9:51 am    Post subject: Reply with quote

The review report from the OTS into the simplification of the VAT quagmire has not even been published yet. Currently all that is available is this (which is actually worth a read): https://www.gov.uk/government/news/ots-publishes-its-first-review-of-vat

The reports of “slashing the threshold to £10K” etc etc are just irresponsible journalists aiming for a bit of sensationalism.
No doubt when the review is published there’ll be some responsible commentary - then we can all crap ourselves... Shocked
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