United Kingdom Treasury Announces Increase in VAT Registration Threshold for Small Businesses

The United Kingdom HM Treasury April 1 announced an increase in the VAT registration threshold for small businesses, effective the same date. The announcement includes: 1) an increase of the VAT registration threshold to 90,000 British pounds (US$113,551) from 85,000 pounds (US$107,242); 2) that the small business multiplier for business rates will be frozen for a fourth consecutive year; 3) the provision to reduce the national insurance contribution (NIC) for working individuals, effective for the new business tax year beginning on April 1; and 4) a 53 percent tax credit on qualifying expenditures for UK independent films. [United Kingdom, Government ...