Getting near the VAT threshold

dllive

Hi all Im just resurrecting this thread.
My ears pricked-up yesterday when I heard the government is raising the VAT threshold to £90k from the 1st April 2024 . (I presume this is for the self employed too).

In simple terms, does this mean - from the 1st April - I can increase my trailing 12 month turnover from just under £85k to just under £90k?
Thanks

Grumpy_chap

dllive said:

Hi all Im just resurrecting this thread.
My ears pricked-up yesterday when I heard the government is raising the VAT threshold to £90k from the 1st April 2024 . (I presume this is for the self employed too).

In simple terms, does this mean - from the 1st April - I can increase my trailing 12 month turnover from just under £85k to just under £90k?
Thanks

Yes.
That would appear to be the case.

dllive

Ah great, thanks @Grumpy_chap . I thought theyd be a 'gotcha' or caveat attached to this benefit, but it actually seems that this budget will genuinely benefit me! Yay! (although Id prefer them to increase the ISA limits inline with inflation; or increase the tax bands, but there we go).

Grumpy_chap

dllive said:

Id prefer them to increase the ISA limits

ISA limits have increased, subject to the additional funding being held in UK equities.

dllive

Thanks. Yes, my ears pricked up at that too Unfortunately it seems its only UK companies you can invest in, which Im not interested in. Unless by 'UK companies' they mean any company listed in the FTSE100. In which case I would be tempted to buy into Astrazenica, BP etc.

I havnt had a chance to give it much thought yet, or to read any further about it.