Stagger VAT thresholds for small buisinesses

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Stagger VAT thresholds for small buisinesses

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Stagger VAT thresholds for small businesses. As a small catering business there is no incentive to grow and turn over more than £79,000 as you cannot claim back the £15,800 you would have to pay in VAT. No business even if turning over a little more than £79k will declare it, however if the govt introduced a 5% threshold between £79k and say £125K they would be more likely to receive payments, and as 95% of UK businesses are small businesses this could have a dramatic benefit for both the HMRC and the business.

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