Proposed New VAT Threshold 26k

For topics that are specific to the UK and Ireland, please go here
User avatar
apexblue
Posts: 2249
Joined: Wed Sep 10, 2008 6:58 pm
Location: UK

Proposed New VAT Threshold 26k

Post by apexblue »

Any thoughts on the proposed VAT threshold to 26k?
Last edited by apexblue on Sun Nov 05, 2017 7:08 pm, edited 1 time in total.
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.
zebedee
Posts: 1270
Joined: Fri Sep 12, 2014 2:57 pm
Location: yorkshire dales

Post by zebedee »

Sorry, where did you find this?
User avatar
apexblue
Posts: 2249
Joined: Wed Sep 10, 2008 6:58 pm
Location: UK

Post by apexblue »

Telegraph. Read comments for more information.

http://www.telegraph.co.uk/news/2017/11 ... agged-vat/
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.
User avatar
Nemo
Posts: 7062
Joined: Thu Aug 14, 2008 10:15 am
Location: Norfolk

Post by Nemo »

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-dail ... 3636421195
ianh100
Posts: 598
Joined: Thu Jan 10, 2013 4:37 pm
Location: Sherborne Dorset

Post by ianh100 »

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.
Boomhulay
Posts: 36
Joined: Wed Mar 09, 2016 3:03 pm
Location: London
Contact:

Post by Boomhulay »

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.
User avatar
greenbarn
Posts: 6146
Joined: Sat May 30, 2009 6:41 pm
Location: The Westmorland Dales, Cumbria

Post by greenbarn »

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- ... iew-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... :shock:
Post Reply