The Chancellor today [23 March 2022] announced extending the Zero Rate of VAT to Energy Saving Materials, clearly in response to the soaring price of fuel and energy but to a degree permitted by the departure of the United Kingdom from the EU (European laws restricted where, and to what, Member States could apply lower rates).
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HMRC have recently published a new brief that provides an important update on the VAT treatment of early termination, compensation and similar payments. All businesses must adopt the amended treatment from 1 April 2022.
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The autumn 2021 budget, released today, was quiet from a VAT perspective.
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On 30 November 2020, HMRC announced (Revenue and Customs Brief 19 (2020) VAT-repeal of the VAT (treatment of transactions) Order 1992) they intend to repeal the VAT (treatment of transactions) Order 1992.
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HMRC have announced a further extension to the deferral period for users of the GIANT system (Government Information and NHS Trusts) to be required to join Making Tax Digital (MTD).
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The re-wording of COS Heading 14 (computer services) has been on the horizon since June 2017 when the latest HMRC Guidance was released. HMRC have now provided an update on much anticipated re-wording on VATGPB9700 (the HMRC internal manual) that begins by explaining that once again a) and b) remain unchanged:
READ MORE HM Revenue & Customs have this week released various updates that could affect our NHS Clients, these are summarised in the sections below.
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The Chancellor has today announced the 2021 Budget and there is one particular announcement that will affect many of our NHS Clients and one other included for completeness.
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HMRC have recently published updated guidance for some Contracted Out Service headings. Most of the changes are either minor clarifications or amendments to the heading titles. The current published guidance for all Contracted Out Services can be accessed here.
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After a number of postponements, it is here. The new Reverse Charge for Construction Services will take effect from 1 March 2021. If you have not already put processes in place, it is not too late to do so, and in the main the HMRC guidance is clear and well written https://www.gov.uk/guidance/vat-reverse-charge-technical-guide
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