The Chancellor has just finished his autumn statement announcement, and whilst there are no direct changes to the VAT legislation or recovery rules, there were some announcements that will of course be relevant to our current and prospective clients:
A petition was started to lower the rate on sanitary products in the UK. The Government already charge the lowest rate allowable for sanitary products (reduced rate – the EU prevent us from adding any more supplies to our ‘zero’ rate) but to compensate, the government will be donating £15 million of VAT collected on sanitary products to women’s health charities.
HMRC are making efficiencies equating to 18%. They are restructuring and centralising their offices, and moving to a digital approach. By the end of the decade, all taxpayers will have their own online account.