- ICAEW is seeking research proposals by 30 June 2024 for simplifying the UK’s VAT system
- UK’s VAT system places a bigger burden on businesses compared to countries like Singapore, New Zealand, and Australia
- Complexity of UK VAT hinders effective policymaking, tax collection, and administration
- ICAEW is looking for innovative ideas to reform the UK’s VAT system for the coming decade
- Entries should identify current challenges and explore potential impacts on consumer behavior, economic growth, and fiscal stability
- Entries must be 2,000 words or less and submitted with a completed application form and CV by 30 June 2024
- Winner will receive a £5,000 prize and present their research at a VAT conference in London in 2025
- UK’s VAT system is complex and hindering businesses and HMRC
- VAT registration threshold stifles small business growth and exemptions create uncertainty
- Entrants are encouraged to come up with VAT reform ideas to tackle challenges of the next decade
Source: icaew.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
