Monday, April 22, 2024

Small firms’ VAT rules change from today

From today the VAT registration threshold goes up from £85,000 to £90,000, and £4.3 billion of business rates relief comes into force.

Raising the threshold will take 28,000 businesses out of paying VAT altogether.

The small business multiplier for business rates will also be frozen from today for a fourth consecutive year, protecting over a million ratepayers from a 6.6% increase in their bills. The measure is part of the £4.3 billion business rates support package announced at Autumn Statement that includes the 12-month extension of the 75% relief for 230,000 Retail, Hospitality and Leisure properties, also coming into force today.

Exchequer Secretary to the Treasury, Gareth Davies, said: “We’re rewarding work and backing Britain’s small businesses– the lifeblood of the economy and beating heart of communities – with support on VAT and business rates.

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