Taxation details key to growing the economy

THERE'S nothing like talking about tax to excite the mind and inflame the senses; no, don't turn the page, you don't know what I'm going to say yet...

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Yes, I am talking about tax and, even more excitingly, the thrills and spills of the VAT threshold. What a time to be alive, as they say.

It's not something I'm doing just for fun, it's because I've had a few chats with small business owners in various places, and this is something which is actually a big deal for them - and probably for the rest of us too.

If you weren't already aware, the VAT threshold is the amount which businesses can make before their transactions become liable for direct taxation. So if you are a small trader in the UK, this is currently £90,000 - and anything you make above this is subject to taxation, as well as a whole lot of paperwork.

It might sound dull, but it is something small business owners care about deeply, and which could also be affecting the economy.

Out of every ambition of the Labour Government, growing the economy is possibly the highest.

Growth is credited with solving many problems, from job creation to raising the tax take.