NEW Guides & Publications17 Oct 2024
Alliotts Focus – Winter 2024
In this edition of Alliotts Focus we look at; Self-assessment registration, landlord legislation changes, dividend taxation, and voluntary business liquidations
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Finally, Jeremy Hunt announced an increase in the registration threshold for compulsory registration for VAT. The current £85,000 threshold has been in place since 1 April 2017 and today it was announced that that it will increase to £90,000 from... Read more
Finally, Jeremy Hunt announced an increase in the registration threshold for compulsory registration for VAT. The current £85,000 threshold has been in place since 1 April 2017 and today it was announced that that it will increase to £90,000 from 1 April 2024.
This increase represents only a 5.8% increase which in no way compensates for the frozen threshold of the last 7 years. It is estimated that the increase will mean that some 28,000 small businesses will no longer need to be VAT registered.
VAT registration is an administrative and financial burden for small businesses, and this is a long-awaited increase to support them in business. The UK apparently already had one of the highest thresholds in the OECD and this increase should drive further growth.
The Government is also consulting on the OBR’s findings on the removal of tax-free shopping and will launch a consultation into the impacts of the July 2023 High Court ruling in Uber Britannia Ltd v Sefton MBC in April to review the impact on the private hire sector and its passengers.
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