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Insider July 2018
Raise the VAT threshold tostimulate SME growth
The Association of Independent Professionals and the Self-Employed (IPSE) has called for the VAT threshold to be increased.
The current £85,000 threshold at which businesses must register for VAT has been frozen until April 2020 while the government deliberates on its approach to the tax.
Chancellor Philip Hammond considered lowering the VAT-registration threshold before Autumn Budget 2017 to bring it closer to global standards and the EU average of £20,000.
Estimates suggested reducing it to £43,000 would net the Treasury an extra £1.5 billion a year, while decreasing the threshold to £25,000 could fetch up to £2 billion.
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