Impact of VAT on SME’s
Whilst welcoming a number of recent changes which assist SME’s, the ICAEW highlights that VAT is the “single most burdensome tax area” according to a study carried out in 2006 by KPMG on behalf of HMRC.
In particular, the ICAEW has called for immediate action in relation to cross border services (extension of “one stop shop” principle recently introduced for certain services). It has also called for a resolution to the double taxation issues currently experienced by many SME’s.
The EU is due to finalise its proposals in June 2008.
Date: 17th April, 2008
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