The stealth tax that is freezing thresholds will continue to drag more businesses into the VAT regime at a time when HMRC is struggling to cope.
Not unexpected, the Chancellor confirmed in the Spring Budget that the current VAT threshold of £85,000 will be frozen for two years from April 2024. The VAT threshold hasn’t shifted since it first reached £85,000 on 1 April 2017.
Source: www.accountingweb.co.uk
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