We’re backing a campaign to get the VAT registration threshold increased to 100k.
Currently, if your business turns over £67k or more then you are obliged to register for VAT. Sometimes registering for VAT can be beneficial, and if you are using software like KashFlow then the administrative burden is virtually non-existent - it calculates files your VAT returns directly to HMRC.
But for small businesses that sell to consumers, VAT registration can cause a real problem. Their customer can’t reclaim the VAT - so the business can either put up their prices or take a big hit to their profits.
Elaine Clark from Cheapaccounting.co.uk has started a petition. She says:
Continue Reading...
Currently, if your business turns over £67k or more then you are obliged to register for VAT. Sometimes registering for VAT can be beneficial, and if you are using software like KashFlow then the administrative burden is virtually non-existent - it calculates files your VAT returns directly to HMRC.
But for small businesses that sell to consumers, VAT registration can cause a real problem. Their customer can’t reclaim the VAT - so the business can either put up their prices or take a big hit to their profits.
Elaine Clark from Cheapaccounting.co.uk has started a petition. She says:
Continue Reading...
