New Labour, new VAT rules

New Labour, new VAT rules

Labour is considering plans to switch VAT from transactions to turnover for small businesses. The proposals from the Forum of Private Business were brought up at a press conference at Labour’s Blackpool conference last week – just as the Government is being urged to consider scrapping the zero rate for the tax.

Shadow small business minister Barbara Roche indicated Labour’s position at a press conference. She said: ‘It is a matter which we will look at.

Certainly we will discuss this with our colleagues in the Treasury team.’

Roche also pledged to reduce the cost of red tape on small businesses.

The forum claimed a typical engineering company with a workforce of 15 and a turnover of #1m spends nearly #20,000 complying with red tape – about as much as they would spend employing a productive member of staff.

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

2m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

3m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

3m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

4m

Related Articles

Boris Johnson’s tax cut: Would it work?

Brexit Boris Johnson’s tax cut: Would it work?

7d Dave Beach
What’s yours is mine –Joint property and Form 17

Personal Tax What’s yours is mine –Joint property and Form 17

7m Helen Thornley, ATT Technical Officer
Supreme Court rules against Pimlico Plumbers in landmark employment case

Legal Supreme Court rules against Pimlico Plumbers in landmark employment case

1y Alia Shoaib, Reporter
Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

1y Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

1y Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

1y Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

2y Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2y Emma Smith, Managing Editor