A few weeks ago it is reported that the IMF (International Monetary Fund) suggested that the UK either cut VAT or NIC if the economy continues to falter. To have VAT at the highest rate whilst the UK is in such poor state is like the owner of a donkey flogging his steed to work harder, instead, if he were to rest it for a while, feed and water the poor thing he may find it would work twice as hard and not need to be flogged.
Would a cut in VAT stimulate the economy or do we finally need a complete VAT overhaul to level the playing field? Maybe we should scrap the registration threshold, drop the rate to 10% and therefore everyone in business will need to pay VAT but at 10% it will practically eradicate the black market overnight.
What's your thoughts? are you a St Helens business that is being crippled paying 20% VAT whilst all the while competing with non registered businesses?
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