DOOM™: VAT

[AtW]

Britain's VAT system is set for major reform after a review commissioned by Phillip Hammond found the current rules are hurting the economy.

The review, carried out by Government advisers at the Office for Tax Simplification, found that the current threshold above which businesses pay VAT is discouraging small businesses from growing (AtW's comment: spot on - let's change rules to discourage small businesses from being created in the first place...).

The report, due to be published next week, will lay out options which could to be used to create a windfall for the Treasury in Phillip Hammond's Autumn Budget latest this month.

One of the suggested options would see a million extra businesses and self-employed people having to charge customers an extra 20 per cent for goods and services for the first time.

It comes after reports that the Chancellor is planning a substantial tax giveaway to help "Generation Rent", suggesting new ways to increase revenue through tax may also be being looked at.

One million businesses and self-employed people could be dragged into VAT system*

Vote Tories - Vote for DOOM™!!!

 

[jamesbrown]

Clueless twunts. Each new day brings a new way to piss off their core vote.

The Morton's Fork of British politics.

Vote for Tories, vote for DOOM™
Vote for Labour, vote for DOOM™

 

[Big Blue Plymouth]

Better get my roofer in before his £10k quote becomes £12k

 

[Mordac]

Better get my roofer in before his £10k quote becomes £12k

Pay him cash and it will still be £10k.

 

[northernladyuk]

Clueless twunts. Each new day brings a new way to piss off their core vote.

The Morton's Fork of British politics.

Vote for Tories, vote for DOOM™
Vote for Labour, vote for DOOM™

They are thrashing around trying to find ways to keep the ship of state afloat after you know what.

 

[Big Blue Plymouth]

Pay him cash and it will still be £10k.

It's easy paying cash in hand around here.

However, if he's in the habit of accepting those sorts of cash sums, I think he's going to need to open a Chinese takeaway

 

[AtW]

Pay him cash and it will still be £10k.

Or 10 years in jail for tax evasion...

They will ban cash soon

 

[jamesbrown]

They are thrashing around trying to find ways to keep the ship of state afloat after you know what.

Still, it’s better than Ireland.

 

[Hobosapien]

Solution is for everyone to become VAT registered so they can reclaim the 20% back on all items purchased, from food to booze to petrol, ...

Just because they buy consumer items to sell doesn't mean they have to sell them, and it gets written off over time on the accounts, so they just store the items and consume them when they become worthless for tax purposes.

 

[vetran]

build some fookin houses!