Abolish VAT for all small businesses with a taxable turnover under £250k a year

Background

We believe small businesses are the backbone of British society and need support. Immediately abolish VAT for small businesses whose VAT taxable turnover is less than £250,000 annually, which we think will help give small, independent businesses a chance to survive.

Additional details

Some data shows that in the last quarter of 2024, almost 200,000 businesses closed. We want to put an end to this. In the last year, we've seen the cost of business rates, some taxes, utilities, rents, service charges, National Insurance, and raw materials, have risen. As a small business owner on less than minimum wage myself, my partner and I employ three people, but we feel times are getting tougher. We believe abolishing VAT for businesses in the way we propose, will help to keep the high street alive, and give small businesses a much better chance of surviving these difficult times.

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