United Kingdom Budget 2018.

[Nigel]

Anyone got any tips of what to expect?

I have heard there is a possibility the VAT threshold will be reduced to £45k.

 

[Octopus]

If they do that the cash transactions will increase massively

 

[Octopus]

If they do reduce the VAT threshold it's going to be like not issuing tax discs ....a saving of x wasn't achieved as evasion has increased massively.

 

[MDJ]

Anyone got any tips of what to expect?

I have heard there is a possibility the VAT threshold will be reduced to £45k.

I reckon the 40% threshold will go up a bit, VAT down a bit and the tax start of rate up to 12,500. Corporation Tax back up and business rates down, due to Debenhams struggling.

 

[Gavin John Hyde]

If they do that the cash transactions will increase massively

I know of a few tradespeople around here who do a lot of 'cash work' they are doing nearly all the small quick jobs as cash and the bigger longer ones through the books to save on vat.
If they tinker with vat too much this will become the norm.

 

[JK-Electrical]

Anyone got any tips of what to expect?

I expect the chancellor to give something with his right hand then take something back with his left.

 

[Octopus]

I've encountered a person who keeps his "income" low by doing lots of cash work - then gets Tax Credits ....

 

[Octopus]

IMHO the VAT threshold should rise to £100K if you have an apprentice .......

 

[GMES]

I can never get my head round why a business owner would intentionally try to stay under the vat threshold, all you are doing is stunting the growth of your Company.
And staying under it you're never going to get anywhere in life, I know people can do cash jobs to keep under it but again you are creating a Ceiling for your business when I thought the whole point was to do and be the best you can in life.
I can just imagine Richard Branson and Alan sugar sat in the pub trying do the sums to keep under the vat threshold.
This is just my opinion by the way and no offence is meant to anyone under the threshold.

 

[Octopus]

I can never get my head round why a business owner would intentionally try to stay under the vat threshold, all you are doing is stunting the growth of your Company.

For me its very simple - The VAT threshold for this year is £85K revenue ..... I have no plans to expand and don't have any need to be VAT reg

Why complicate matters if you don't need to...