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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Revenue and Customs Brief 2 (2022): VAT early termination fees and compensation payments
by Berthold Bauer on February 10, 2022HMRC 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.
READ MOREOctober 2021 Budget
by Berthold Bauer on October 27, 2021The autumn 2021 budget, released today, was quiet from a VAT perspective.
READ MORENHS Lease Cars – Repeal of VAT (treatment of transactions) Order 1992
by Berthold Bauer on July 26, 2021On 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.
READ MOREMaking Tax Digital (MTD) – GIANT
by Berthold Bauer on July 26, 2021HMRC 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).
READ MOREHMRC update COS Heading 14 (computer services)
by Berthold Bauer on May 4, 2021The 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 MOREImportant HMRC Updates & NHS Impact
by Berthold Bauer on March 25, 2021HM Revenue & Customs have this week released various updates that could affect our NHS Clients, these are summarised in the sections below.
READ MORE2021 Budget Announcement
by Berthold Bauer on March 3, 2021The 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.
READ MORECOS headings update
by Berthold Bauer on March 1, 2021HMRC 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.
READ MOREConstruction Reverse Charge process starts on Monday [March 1st]
by Berthold Bauer on February 25, 2021After 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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