Increase in VAT turnover threshold for bespoke retail schemes
The turnover threshold above which retailers must agree a bespoke retail scheme to calculate their VAT (instead of using one of the standard schemes) will increase from £100 million to £130 million. The new threshold takes effect from 1 April 2009 and existing schemes will continue to be used unless and until the agreement ends.
Our view
This is part of the wider VAT simplification review and simply indexes
the threshold which has been set at £100 million since 2000.This is part of the
wider VAT simplification review and simply indexes the threshold which has been
set at £100 million since 2000.
