7NIayYDg
type: Answer
type: WrittenAnswer
answer has question: 64vpXwYp
answer has answering person: QAHSUmv8
answer text: The UK has a higher VAT registration threshold than any EU Member State and the second highest in the OECD at £85,000. This keeps the majority of businesses out of VAT altogether. At Autumn Statement it was announced that the threshold would remain at £85,000 for two further years until 31 March 2026. It is estimated this will bring around 60,000 businesses into VAT. Previous forecasts for number of businesses brought into VAT can be found at the following links for 2018, 2020 and 2022. The total number of VAT registered traders in each year can be found here.
answer given date: 2022-11-22+00:00
answer has answering body: HYfypSOE
written answer has answering body: HYfypSOE