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VAT: Peterborough

Volume 464: debated on Tuesday 9 October 2007

To ask the Secretary of State for Business, Enterprise and Regulatory Reform (1) how many new VAT registrations there were in the city of Peterborough in each year since 1997; (154689)

(2) how many VAT registered businesses there were in the city of Peterborough in each year since 1997; and if he will make a statement.

The number of new VAT registrations and VAT registered businesses in the Peterborough unitary authority are shown in the following table for 1997 to 2005. Data for registrations and de-registrations in 2006 will be published autumn 2007.

Number of VAT registrations and start of year stock, Peterborough UA, 1997 to 2005

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Registrations

485

435

435

405

430

485

525

430

535

Start of year stock

3,580

3,740

3,815

3,945

3,980

4,070

4,155

4,255

4,305

4,475

Source:

Business Start-ups and Closures: VAT Registrations and De-registrations 1994-2005. Available at: http://stats.berr.gov.uk/ed/vat

Although the number of new registrations has fluctuated over the period, the total number of VAT registered businesses in Peterborough unitary authority has increased from 3,580 in 1997 to 4,475 at the start of 2006, an increase of 895 (25 per cent.).

VAT registration data provide the only accurate indicator of the level of start-up activity at the unitary authority level.

However, VAT registrations do not capture all business activity. Businesses are unlikely to be registered if they fall below the compulsory VAT threshold, which was £60,000 at the start of 2006. Only 1.9 million out of 4.5 million UK enterprises (41 per cent.) were registered for VAT at the start of 2006.