Autumn Budget 2017 Reaction: VAT
November 22, 2017
Chancellor Philip Hammond delivered his second Budget of 2017 to Parliament this afternoon. We have created a video and a series of short blogs on various tax and business related Budget announcements to help clarify some of the details behind the headlines.
The VAT threshold has been fixed at £85,000 for two years from April 2018.
Contrary to popular belief in the lead up to the budget and recommendations from the office of tax simplification the Chancellor chose to keep the VAT threshold at the current level of £85,000.
This threshold will be fixed for two years from April 2018. During this period the Government will consult on the design of the VAT threshold.
The chancellor also introduced measures to prevent the avoidance of VAT for online marketplaces. The seller and the marketplace will now be held jointly and severally liable for any VAT which fails to be accounted for.
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