Tens of thousands of small businesses have been freed from paying VAT. This is because the registration threshold was raised from £85,000 to £90,000. The change, confirmed in the recent Budget, will benefit 28,000 companies. In addition, the business rates multiplier for small enterprises has been frozen for the fourth consecutive year. This will provide protection for over a million companies from higher property tax bills. Tina McKenzie from the Federation of Small Businesses described the increase in the threshold as a significant milestone for small businesses.

BFS Comment:

Whilst this will come as a welcome relief tomany small businesses, it will not solve all financial problems. If you need to raise finance for growth, cash flow or turnaround contact us at BFS on 07770 866 955. Alternatively complete the enquiry form.

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