Increase VAT threshold to £1m turnover or £85k profit to help small businesses.

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Increase VAT threshold to £1m turnover or £85k profit to help small businesses.

Petition Details

VAT threshold is currently £85,000. This is not a lot for a small business, especially when it’s calculated on turnover & not profit.

I’m asking for this to be increased to £1m annual turnover, or £85k annual profit. Some small business aren’t making my any profit once they register for VAT.

Additional Information

Small business are struggling now, more than ever after this pandemic. I’m asking that you give small businesses the opportunity to grow without the worry about having to register for VAT.

Currently the VAT threshold is £85k. For a small business with only 5/6 employees, £85k is not a lot at all, especially when it is based on turnover & not profit.

I want this changing so it is based on profit & not turnover.

This is the biggest worry for small business owners.

Please help.

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