Thousands of small businesses will face more tax and red tape if European Union rules on VAT are allowed to continue after Brexit, MPs have warned.
New EU plans would see small- and medium-sized enterprises (SMEs) forced to register for VAT when their turnover hits €85,000, or £76,700 – below the current British threshold of £85,000.
“VAT is the hardest, most time-consuming tax for small businesses to administer, typically taking more than a working week a year. Dragging more small firms into this bureaucratic regime would take hard-working entrepreneurs away from running and growing their businesses,” said Mike Cherry, national chairman of the Federation of Small Businesses.
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