§ Miss McIntoshTo ask the Chancellor of the Exchequer what plans he has to raise the VAT threshold for small businesses to £100,000; and if he will make a statement. [28]
§ Mr. BoatengThere are no plans to increase the VAT registration threshold to £100,000. As announced in the statement on 18 June by the Chancellor of the Exchequer and the Secretary of State for Trade and Industry on enterprise and productivity, Customs are now consulting on a new VAT flat rate scheme. This will make it easier for many smaller businesses with taxable turnover of up to £100,000 to calculate the amount of VAT due and simplify their bookkeeping requirements.