Question

Identify and critically explain the main features of the small business relief schemes for the administration of VAT in the tax year 2019/20.

Answer 1

It means a relief enhancing business from one Level to next of that and sometime it is beneficial for new firm to enter into business. In simple words it can be said that it's a concession for those who wants to do but due to some reason they are not entering into it. So it can be of any kind like relief in government rules and regulations, may government introduces new Capital structure, under the scheme.

Sometimes it is a relaxation in taxation so if we want to talk relief in administration of VAT in the next year 2019-2020 then we can say there are more opportunity in value added tax. Since government is introducing new taxes and relaxation in such area at vast level. At last I would like to suggest it's good for those who are doing business related to this.

I hope this will help to clear your doubt.

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