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UK Autumn Budget 2017: VAT

Business Tax - 22 Nov 2017

Registration thresholds
There was some speculation that VAT thresholds would reduce to be closer to the lower thresholds seen in Western Europe however the current compulsory registration threshold for businesses of £85,000 based on turnover and £83,000 for de-registration will remain unchanged until at least 31 March 2020.

 

Extension of joint and several liability (JSL) to online marketplaces
Online marketplaces will be held jointly and severally liable for any VAT that a UK business selling via the marketplace fails to account for and any VAT that a non-UK business fails to account for where the online marketplace knew or should have known that the business should be registered for VAT in the UK.

 

Read the full report
In this Autumn Budget Philip Hammond’s key focus was the future; from investing in technology in both industry and schools, continued commitment to invest in driverless and electric vehicles and building houses to revive the home owning dream.

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