Link: Budget special
Sole traders and small businesses with a turnover of £56,000 or less will no longer have to register for VAT, removing a huge burden from their shoulders.
Brown claims it is the highest threshold allowed under EU law.
In addition, Company Law definitions of small businesses will be aligned with new EU maxima. In this way more small businesses will benefit from simpler accounting and reporting arrangements, information technology allowances of up to 100% and up to 40% allowances for plant and machinery.
There will also be reduced import VAT compliance costs as well as consultation on raising the statutory audit threshold.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states