Blick Rothenberg, a number one audit, tax, and enterprise advisory agency, is urging the UK authorities to reintroduce VAT-free buying aid for worldwide vacationers in help of the nation’s style business.
As London Style Week celebrates its fortieth anniversary, Gabby Donald, Company Tax Accomplice on the agency, highlights the numerous contributions of the UK style and textile business, which provides £62 billion to the economic system and helps one in each 25 jobs.
In line with analysis commissioned by the UK Style and Textile Affiliation, the business generates over £23 billion in tax revenues yearly. Donald stresses that reinstating tax-free buying VAT aid would make the UK extra aggressive with EU nations, which proceed to supply this profit to worldwide vacationers, and entice extra world shoppers to British manufacturers.
Donald additionally factors to the chance for a modernised VAT aid system: “Redesigning this relief with a technology-enabled solution would improve the experience for consumers and reduce administrative burdens on HMRC.”
With the style sector enjoying such a important position within the UK economic system, the federal government is being inspired to grab the chance to help its development by restoring VAT-free buying and serving to the business stay globally aggressive.
