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Jumping off the cliff edge
KEY POINTS
- The report on VAT simplification covers a wide range of topics including registration thresholds VAT administration exemption and land and buildings.
- Input is welcome on the possible distortions caused by the registration threshold.
- Are there solutions to the registration ‘cliff edge’ such as allowing the retention of part of the VAT liability?
- The onus of dealing with VAT mitigation measures for small businesses would be on those such as Taxation readers.
- Removing the built-in disincentive to business growth.
Many readers will have seen the report from the Office of Tax Simplification (OTS) on routes to VAT simplification as highlighted in the article ‘Thoughts on simplification’ (Taxation 9 November 2017). The report is a comprehensive piece of work and covers a range of topics from registration...
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