VAT
(asked on 22nd November 2022) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will raise the basic VAT taxable turnover threshold.
This question was answered on 25th November 2022
To give businesses certainty, it was announced at Autumn Statement that the VAT registration threshold will remain at £85,000 for a further period of two years from 1 April 2024.
The UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD at £85,000. This keeps the majority of businesses out of VAT altogether.