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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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
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.
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Whilst we eagerly await the outcome of the HM Treasury’s ‘VAT and the Public Sector: Reform to VAT Refund Rules’ paper and consultation, (in which a full-VAT refund model is to be explored) a new Treasury Directive has been released expanding the current Contracted-Out-Services (COS) direction
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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