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VAT change to hit some companies

Discussion in 'General Discussions and Lounge' started by temi, Nov 30, 2008.

  1. temi

    temi Facilitator Webmaster

    Some small businesses could be worse off as a result of a temporary cut in VAT which comes into force on Monday.
    Firms which take advantage of the government's flat-rate VAT scheme will now keep a lower proportion of the VAT they collect from customers.
    The change contradicts an explicit assurance in this week's pre-Budget report which said they would benefit.
    HM Revenue & Customs said that firms would benefit from paying a lower VAT rate on their expenses.
    Flat rates had been changed to avoid giving the firms too much of a tax advantage, HMRC said.

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