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1653379

registered interest
date	17/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: VAT
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential impact of the annual VAT threshold on small business growth.
tabling member constituency	Barnsley Central
tabling member printed	Dan Jarvis
uin	194377
answer	answer is ministerial correction date of answer 20/07/2023 answer text <p>Views on the VAT registration threshold are divided and the case for change has been regularly reviewed over the years. While some businesses have argued that a higher threshold would reduce administrative and financial burdens, others contend that a lower threshold would provide a fairer competitive environment.</p><p>In 2018, the Government consulted on how the design of the VAT registration threshold could better incentivise growth. However, there was no clear option for reform.</p><p>It was announced at Autumn Budget 2022 that the VAT threshold will be maintained at its current level of £85,000 until 31 March 2026.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 20/07/2023 13:52:18 answering member 4399 label Biography information for Victoria Atkins
tabling member	4243 label Biography information for Dan Jarvis

1653380

registered interest
date	17/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: VAT
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of reforms to VAT to encourage small businesses growth.
tabling member constituency	Barnsley Central
tabling member printed	Dan Jarvis
uin	194378
answer	answer is ministerial correction date of answer 20/07/2023 answer text <p>The Government recognises that accounting for VAT can be a burden on small businesses. This is why, at £85,000, the UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD. This keeps the majority of UK businesses out of VAT altogether.</p><p> </p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 20/07/2023 14:11:05 answering member 4399 label Biography information for Victoria Atkins
tabling member	4243 label Biography information for Dan Jarvis