- Thresholds in the tax system can be challenging for taxpayers and administrators
- VAT registration threshold increased to £90,000 in April 2024
- Businesses may stall growth to avoid registering for VAT
- Once past the threshold, VAT must be applied to all sales
- Modest threshold increase unlikely to resolve issues
- Smoothing mechanism like lower initial rate suggested to encourage businesses to cross threshold
Source: icaew.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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