TaxCorporate TaxBUDGET 2002: VAT to go flat rate

BUDGET 2002: VAT to go flat rate

Businesses with turnover of up to £100,000 are to be given a flat rate VAT calculation instead of recording the charge on every single sale.

Chancellor Gordon Brown, speaking in today’s Budget, said the change would reduce the burden of administration on small businesses.

He also announced that automatic fines issued by Customs, a real point of annoyance for many small businesses, would be abolished.

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