VAT Agenda

Budget news 2010-03-25

The VAT rates have not as yet changed and remain at 17.5% with the reduced rate at 5%.
The registration threshold has increased by £2,000 to £70,000 effective from 01 April 2010. The turnover threshold below which a taxable person can apply to deregister has also increased by £2,000 to £68,000 and becomes effective again on the 01 April 2010.

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VAT on Gifts and samples – possible claim opportunity

The Advocate General has given his opinion that the UK’s interpretation of the EU rules regarding gifts has been too narrow and is overly restricting businesses.

There is a possibility that businesses can claim a refund of VAT declared on gifts and samples. In addition going forward the requirement for businesses to account for VAT on these items may be ended.

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Do you think VAT will increase

During the lead up to the election the Conservatives committed to holding an emergency Budget within 50 days of taking office. Following the establishment of the new coalition government, this means that there will be another Budget before the end of June.

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Could the VAT benefit of salary sacrifice arrangements soon be lost?

‘Salary sacrifice’ arrangements are an effective way of employers and employees reducing tax and National Insurance (NI) costs because the amount of salary sacrificed is subtracted from pre taxed income. Under the schemes, the employee agrees to forgo a proportion of their salary for a non-cash benefit. This benefit could be a contribution to pension, help with childcare or used to cover the cost of anything from a bike to a car, or a bus pass to retail vouchers.

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New Opportunity for zero rating on “pay per click” advertising for charities

On 7 June 2010, HMRC issued Revenue & Customs Brief 25/10, in which it announced that its policy on zero-rating for advertising supplies to charities would from herein be revised to extend to certain internet-based ‘pay per click’ (‘ppc’) advertising.

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VAT Claim Opportunity on Royal Mail charges!

EU law provides a mandatory exemption from VAT for supplies of postal services made’ by the public postal services’. In the UK, the application of this provision is limited to Royal Mail and covers all of Royal Mail’s postal services. All other postal operators are required to charge VAT at the standard rate on their services.

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Construction (White Goods)

A number of VAT registered construction companies have used the opportunity afforded by the ‘Fleming’ case to submit claims for input tax that they had been prevented from recovering previously by the provisions of the Value Added Tax (Input Tax) Order 1992 (the ‘blocking order’) and its predecessors.

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Mitigating the VAT cost of Shared Services

Currently partially exempt businesses or organisations with a mix of business and non business activities, including charities, are unable to share services such as HR and IT, as using a separate organisation to do so can create a VAT charge, which in many cases makes the position uneconomic.

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Can zero rate relief for relevant residential or relevant charitable use still be obtained?

In June 2009, HM Revenue and Customs (‘HMRC’) announced the withdrawal of an Extra Statutory Concession (‘ESC’) 3.29, with effect from 1 July 2010. Up until this date, it was possible to obtain VAT relief at the zero rate on the construction of a building for relevant charitable use even if there was some use for business purposes, provided that business use was less than 10%.

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The VAT benefit of many salary sacrifice arrangements will soon be lost!

‘Salary sacrifice’ arrangements are an effective way of employers and employees reducing tax and National Insurance (NI) costs because the amount of salary sacrificed is subtracted from pre taxed income. Under the schemes, the employee agrees to forgo a proportion of their salary for a non-cash benefit. This benefit could be a contribution to pension, help with childcare or used to cover the cost of anything from a bike to a car, or a bus pass to retail vouchers.

Read the full story
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