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VAT

Changes to policy on zero-rating VAT for charitable use

The VAT extra statutory concession 3.29, which allows charities to ignore small amounts of non-qualifying use (up to 10 per cent) when deciding whether the construction of a new building qualifies for zero-rating, is being phased out.

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Changes to bank account details for VAT payments

HM Revenue and Customs (HMRC) has announced that, as from 8 July, there has been a change to the bank account details for paying VAT.

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Calls for VAT rise to be pushed back

Businesses are unhappy over government plans to stick to its original timetable on the return to the old standard rate of VAT.

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VAT accounts for almost half of delayed business taxes

Firms have delayed paying £1 billion of VAT after reaching agreements with HM Revenue and Customs (HMRC) under the Business Payment Support Service.

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Businesses reschedule £2.5 billion in tax payments

The amount of tax which small firms have asked to delay paying under the government’s Business Payment Support Service has risen to £2.5 billion.

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Late payment a problem, VAT cut of little help, say businesses

A new survey has revealed that for many firms delays in invoice settlement are on the increase, while the reduction of the VAT rate has not been effective in tackling the downturn in business.

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Important issues to remember when deregistering from VAT

Deregistration from VAT is often a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.

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Changes to the Tour Operators’ Margin Scheme

It has been accepted that the UK has applied certain aspects of the Tour Operators’ Margin Scheme incorrectly.

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Judgment supports higher VAT repayments

Firms that have paid too much VAT to HM Revenue and Customs (HMRC) could be entitled to more money when claiming repayment after the decision of a High Court judge.

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Change back to old VAT rate should be 'delayed'

The government should consider switching the date on which the standard rate of VAT moves from 15 per cent to its former level of 17.5 per cent.

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