More small businesses with relatively low annual sales will soon be beyond the reach of the value-added tax (VAT) system. Chancellor Jeremy Hunt has announced the first increase in the VAT threshold, the level of sales at which businesses must charge VAT, for seven years. From 1 April, firms will not have to register for VAT unless their annual turnover over the previous 12 months has exceeded £90,000, up from £85,000
The value in VAT
Mar 22, 2024
2 minutes
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