- Lowering the VAT registration threshold would breach Labour’s manifesto according to IPSE.
- IPSE highlights the government’s limited options due to political and economic constraints.
- Sole traders must register for VAT if their turnover exceeds £90,000.
- Lowering the threshold could hinder sole traders’ growth by forcing them to increase prices.
- Reports suggest the Treasury may reduce the threshold to £30,000.
- Fred Hicks from IPSE argues this change would force more self-employed individuals to register for VAT.
- IPSE views this potential change as a breach of the government’s commitment not to raise taxes.
Source: bournerbullock.co.uk
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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