- Laura Beales, co-founder and CEO of Tally Workspace, describes the UK’s VAT system as confusing and time-consuming for small businesses
- Beales has experience in finance with startups and advisory roles with KPMG
- Tally Workspace, launched in 2020, helps SMEs find office space and offers hot desks and meeting rooms on demand
- Office space is a significant expense for businesses, second only to payroll
- VAT is seen as a complicated tax that is expensive for small businesses to manage
- Tally Workspace faces challenges with VAT invoices and understanding VAT charges from suppliers
- The £90,000 turnover threshold for VAT registration is a significant barrier for small businesses due to added costs and administrative burdens
- Beales suggests that changes are needed to make VAT easier for small businesses to manage independently
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.
