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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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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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
READ MORE From the 01 March 2021 HMRC’s domestic VAT reverse charge comes into force for most standard-rated (20%) and reduced-rated (5%) building and construction services.
READ MORE HMRC have announced that VAT charged on Women’s sanitary products (WSP) has been reduced from the previous 5% charge to 0% from 1st January 2021.
READ MORE HMRC have now officially accepted the decision of the Court of Appeal in the HMRC v Northumbria Healthcare NHS Foundation Trust case concerning VAT on Salary Sacrifice Lease Cars (SSLS).
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