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READ MOREDowning Street pushes for VAT to be cut from 20%
Downing Street has proposed a cut in VAT, the tax which is levied on most goods and services, in a bid to curb inflation and ease the cost of living.
Steve Barclay, the prime minister’s chief of staff, has suggested reducing the 20 per cent headline rate of the tax, according to The Times.
Such a temporary cut would reduce the tax bill for millions of small business owners, who have to charge VAT once their revenue exceeds £85,000, as well as stimulate demand.
Read more at smallbusiness.co.uk
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