Submitted by Michael Meadowcroft on Wednesday 14th June 2023
Published on Friday 16th June 2023
Current status: Closed
Closed: Saturday 16th December 2023
Signatures: 192
Relevant Departments
Raise the VAT threshold for small businesses
Take into consideration the effect VAT has on businesses once they reach the VAT threshold and have to charge VAT on their goods and services, and pay this to HMRC. Many businesses lose out on custom once they reach the threshold, because customers can go to businesses that don't have to charge VAT.
Customers often prioritise price, meaning that small businesses that have to charge VAT can lose out on work to businesses that do not have to charge VAT. Companies that do not charge VAT because they are under the threshold may have just started or be less experienced, which may mean that lower prices do not necessarily represent value for money.
We believe the VAT threshold should be increased, to enable fair competition between small businesses.
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18.226.87.168 Thu, 07 Nov 2024 22:05:31 +0000