Siân Beusch National VAT Technical Manager for Baker Tilly comments on the VAT announcements in the 2007 Budget
When it comes to VAT there are rarely any surprises in the Budget and this year was no exception. Of course a big surprise would have been if the Chancellor had decided to adopt the proposal to levy VAT on domestic flights; fortunately he saw that this measure would do little to reduce carbon emissions and dismissed it. So what was in the Budget and how significant were the announcements?
Increase in VAT Registration and Deregistration Thresholds
'From 1 April 2007:
'● the threshold for VAT registration will increase to £64 000 of taxable turnover; and
...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Siân Beusch National VAT Technical Manager for Baker Tilly comments on the VAT announcements in the 2007 Budget
When it comes to VAT there are rarely any surprises in the Budget and this year was no exception. Of course a big surprise would have been if the Chancellor had decided to adopt the proposal to levy VAT on domestic flights; fortunately he saw that this measure would do little to reduce carbon emissions and dismissed it. So what was in the Budget and how significant were the announcements?
Increase in VAT Registration and Deregistration Thresholds
'From 1 April 2007:
'● the threshold for VAT registration will increase to £64 000 of taxable turnover; and
...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
