Since becoming an MP I have visited many small businesses in Mid Leicestershire, and one concern they all share is that the current VAT registration threshold is too low. As a result, they often decide to put expansion plans on hold, because of the extra costs and paperwork that comes with being VAT registered.
The UK is a nation of entrepreneurs with a long and proud history of small businesses being the backbone of our economy, but the current VAT threshold of £90,000 is letting them down. When you couple this with recent anti-growth decisions made by the Government, such as increasing Employer National Insurance contributions or hiking the National Minimal Wage, you really start to understand why small enterprises are struggling.
That is why I led a Westminster Hall Debate on this very subject today, to make the case that we need to increase the threshold to help encourage more people to set up shop and start strengthening our economy.
I am determined to make Mid-Leicestershire an even better place to live, work, visit and invest and will continue to press the Government to live up to their ‘Going for Growth’ mantra.
