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Is VAT overhaul on the chancellorís agenda?

16 November 2017

Second-guessing what will come up in chancellorís Philip Hammondís Budget on 22 November has become a national pastime.

One recent report claims he is mulling over a big overhaul to the VAT system, which will affect thousands of small businesses.

It appears the chancellor is considering dropping the current VAT threshold (£85,000), in a move which could bring in billions of pounds to the chequer.

The recent Office of Tax Simplification report estimated that halving the threshold would affect nearly 500,000 small firms and raise £1bn in tax. A drop to £25,000 would yield £2bn.

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