Interest and partial exemption
Whilst the rise in bank interest is welcome news to some, for others it could have an unexpected VAT implication.
HMRC VAT applications only accepted online
From today (13 November), HMRC will no longer be accepting a paper VAT 1 form for VAT applications and will only be accepting online VAT applications.
Upper Tribunal decision on VAT rates for confectionery
WM Morrisons Supermarkets PLC (Morrisons), recently appealed the first-tier tribunal decision in relation to the VAT treatment of Nakd bars and Organix bars.
New VAT penalty regime from 1 January 2023
HMRC have introduced a new VAT penalty regime for VAT returns which are submitted late or not paid on time for periods starting on or after 1 January 2023.
Making Tax Digital (MTD) – old VAT portal closes 1 November 2022
HMRC have announced that they are closing the existing VAT online portal at the end of October 2022.
Care Homes: Looking beyond the VAT rules
Most VAT registered businesses have at some point queried whether they can reclaim the VAT on an expense. If the expense is a personal or non-business expense, the answer is usually ‘no’. If the expense is directly linked to goods or services that are subject to VAT at 0% 5% or 20%, then the answer is usually ‘yes’.
VAT registered businesses to move onto HMRC’s new single customs platform before the deadline of 30 September 2022
The first phase comes into effect at the end of September 2022. Businesses importing goods after this time will need to use HMRC’s new single CDS platform to make import declarations. After 31 March 2023 CHIEF will no longer be able to be used for export declarations and these will need to be posted onto CDS from then.
Plastic Packaging Tax to be introduced April 2022 – Initial guidance
The UK Government is introducing a Plastic Packaging Tax (PPT). This is intended to deter the use of single use plastic and move towards recycled plastic. The tax will apply to packaging that does not contain at least 30% recycled plastic.