Introduction
Personal Income Tax
National Insurance 2003/04
Pensioners
Employees
Savings
Capitals Gains Tax
Stamp Duty
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance
| Registration
threshold From 10 April 2003, the level of taxable turnover at which a business is required to register for VAT increases by £1,000 to £56,000. The level of predicted future turnover at which a business can deregister also rises by £1,000 to £54,000.  Schemes for small businesses The flat-rate scheme, which allows small businesses to account for less output tax and not claim input tax, was introduced last year for traders with turnover of up to £100,000pa. This is increased to £150,000 with effect from 10 April 2003. The level at which a business can join the annual accounting scheme without already being registered for a year is also increased from £100,000 to £150,000.
Vouchers The purchase and sale of "face-value vouchers" leads to a number of VAT anomalies. Up to now a person buying and selling vouchers (which include some mobile phone top-up cards) has not had to account for VAT on sales, because the vouchers are treated as cash rather than services. From 9 April 2003, the issue of vouchers by a trader who will honour them on redemption remains non-VATable; but the sale of vouchers by anyone else becomes chargeable to VAT. E-commerce The Budget includes provisions which derive from European law changes to services sold over the internet. The measures are complicated, but in summary, from 1 July 2003: * if you are a UK-based business buying services which are downloaded from the internet, you will have to account for the "reverse VAT charge" if the seller is outside the UK. * if you are a UK-based business selling such services to anyone belonging outside the EU, you will no longer have to account for output tax on the sale. |
||||