The Chancellor make just one comment on VAT - no change!
Audrey Fearing, VAT partner at Ernst & Young commented: "As expected, VAT will remain unchanged at 17.5%, although many are still speculating that it won’t remain at that level for long. A rate of 20% remains the most likely outcome of the first year of the next Parliament." Some firms were predicting that the rise to 20% would be announced today, although this always seemed pretty unlikely in a pre-election Budget.
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As usual, registration and deregistration thresholds will increase from 1 April, to £70,000 and £68,000 respectively. There was no mention in the Budget of the date from which smaller businesses will be required to file VAT Returns online. In the light of the demand on Governme...