The UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD at £85,000. This keeps the majority of businesses out of VAT altogether. Any business with turnover of £85,000 or less does not have to register for VAT.<\/p>
<\/p>
<\/p>
At Autumn Statement 2022 the Government announced that the VAT Registration Threshold would be frozen for two further years until March 2026. The Exchequer impact of this measure is shown in Table 4.2, Spring Budget 2023: Spring Budget 2023 - GOV.UK (www.gov.uk)<\/em><\/a>. This costing has been certified by the Office for Budget Responsibility.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-06-01", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-06-01T08:16:09.663Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-05-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "VAT: Tax Yields"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact of increasing the VAT registration threshold by the retail price index in each year to March 2026 on annual VAT revenues.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4787", "label" : {"_value" : "Biography information for James Wild"}
}
, "tablingMemberConstituency" : {"_value" : "North West Norfolk"}
, "tablingMemberPrinted" : [{"_value" : "James Wild"}
], "uin" : "186515"}
, {"_about" : "http://data.parliament.uk/resources/1639824", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1639824/answer", "answerText" : {"_value" : " The numbers of VAT registered businesses in various turnover ranges can be found in Table 5a of this statistical publication on the GOV.UK website here: https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics<\/a>. Out of a total of 2,554,470 businesses registered for VAT in 2021-2022, a total of 1,222,240 were voluntarily registered below the threshold, representing slightly less than half the total.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-06-01", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-06-01T08:18:30.977Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-05-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "VAT: Tax Thresholds"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, if he will estimate the number of businesses that are not required to register for VAT at the current threshold that would be required to register if the threshold were increased to (a) £90,000 and (b) £100,000 as of 23 May 2023.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4787", "label" : {"_value" : "Biography information for James Wild"}
}
, "tablingMemberConstituency" : {"_value" : "North West Norfolk"}
, "tablingMemberPrinted" : [{"_value" : "James Wild"}
], "uin" : "186575"}
, {"_about" : "http://data.parliament.uk/resources/1611936", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1611936/answer", "answerText" : {"_value" : " The UK has a higher VAT registration threshold than any EU member state and second highest in the OECD \u2013 which keeps the majority of UK businesses out of VAT altogether.<\/p> The Government have also put in place a generous package of Business Rates relief worth £13.6 billion.<\/p> The Government has demonstrated its long-standing commitment to supporting small businesses. At Spring Budget, the Government confirmed that, from April 2023, the Small Profits Rate will mean 70 per cent of businesses will see no increase in Corporation Tax this April. In fact, the UK has the lowest corporation tax rate in the G7.<\/p> In addition, the Government continues to invest in the 38 Growth Hubs providing businesses across England with free one-to-one support and advice.\u202fGrowth Hubs offer a triage, diagnostic and signposting service to make sure that all businesses, whatever their size or sector, know what help is available and can access the most appropriate support.<\/p> While the Government keeps all taxes under review, 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>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4399", "label" : {"_value" : "Biography information for Victoria Atkins"}
}
, "answeringMemberConstituency" : {"_value" : "Louth and Horncastle"}
, "answeringMemberPrinted" : {"_value" : "Victoria Atkins"}
, "dateOfAnswer" : {"_value" : "2023-04-26", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-04-26T15:08:15.347Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-04-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "New Businesses: VAT"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of the VAT threshold on small business growth.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4787", "label" : {"_value" : "Biography information for James Wild"}
}
, "tablingMemberConstituency" : {"_value" : "North West Norfolk"}
, "tablingMemberPrinted" : [{"_value" : "James Wild"}
], "uin" : "181479"}
, {"_about" : "http://data.parliament.uk/resources/1605760", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1605760/answer", "answerText" : {"_value" : " I discuss a range of priorities on health with the Secretary of State for Health and Social Care, including delivery of the new hospital programme.<\/p> The Hon Member will know that the programme was funded at Spending Review 2020 with £3.7bn for 4 years up to 2024/25 with further funding to be announced at the next Spending Review.<\/p> I know the Hon Gentleman has particular concerns around the issue of RAAC concrete which is affecting hospitals in his constituency and that the Health Secretary has made ensuring safety for patients and staff at affected sites a top priority.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2023-03-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-03-21T15:12:41.177Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-03-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Hospitals: Construction"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for Health and Social Care on the capital budget for the NHS new hospitals programme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4787", "label" : {"_value" : "Biography information for James Wild"}
}
, "tablingMemberConstituency" : {"_value" : "North West Norfolk"}
, "tablingMemberPrinted" : [{"_value" : "James Wild"}
], "uin" : "904228"}
, {"_about" : "http://data.parliament.uk/resources/1584797", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1584797/answer", "answerText" : {"_value" : " I discuss a range of priorities on health with DHSC SoS, including delivery of the New Hospital Programme.<\/p> The programme was funded at Spending Review 2020 with £3.7bn for 4 years up to 2024/25.<\/p> Capital funding for the New Hospitals Programme beyond 2025 will be announced at the next Spending Review, as is standard practice.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2023-02-07", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-02-07T17:22:31.357Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-02-07", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Hospitals: Capital Investment"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Health and Social Care on capital funding for the new hospitals programme.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4787", "label" : {"_value" : "Biography information for James Wild"}
}
, "tablingMemberConstituency" : {"_value" : "North West Norfolk"}
, "tablingMemberPrinted" : [{"_value" : "James Wild"}
], "uin" : "903533"}
, {"_about" : "http://data.parliament.uk/resources/1441156", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1441156/answer", "answerText" : {"_value" : " Energy-Intensive Industries receive extensive support from the government.<\/p> Since 2013, we have provided over £2 billion to help them with the costs of electricity.<\/p> We have additional funds in place to support such sectors cut their bills, including the £315 million Industrial Energy Transformation Fund.<\/p> We also allocate free allowances to reduce the costs they pay under the emissions trading scheme, around £3bn per year based on recent prices.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4527", "label" : {"_value" : "Biography information for Helen Whately"}
}
, "answeringMemberConstituency" : {"_value" : "Faversham and Mid Kent"}
, "answeringMemberPrinted" : {"_value" : "Helen Whately"}
, "dateOfAnswer" : {"_value" : "2022-03-15", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-03-15T14:43:53.487Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-03-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Energy Intensive Industries"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "What fiscal steps he is taking to provide support to energy intensive industries.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4787", "label" : {"_value" : "Biography information for James Wild"}
}
, "tablingMemberConstituency" : {"_value" : "North West Norfolk"}
, "tablingMemberPrinted" : [{"_value" : "James Wild"}
], "uin" : "906073"}
, {"_about" : "http://data.parliament.uk/resources/1438971", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1438971/answer", "answerText" : {"_value" : " HMRC is responsible for the collection and publication of data on imports and exports of goods to and from the UK.\u202fHMRC releases this information monthly as National Statistics called the Overseas Trade in Goods Statistics and quarterly as the Regional Trade in Goods Statistics (RTS). Both are available via their dedicated website: https://www.uktradeinfo.com/<\/a>.<\/p> <\/p>