VAT

VAT may be pushing up prices earlier

Some businesses may be looking at raising their prices sooner rather than later in anticipation of the VAT hike set for January next year.

Tax gap widens

The amount of uncollected tax rose in the last financial year.

EC forecasts stronger UK growth but warns on VAT rise

The European Commission has revised upwards its predictions for economic growth in the EU, but has suggested that the UK’s recovery may be hampered by the decision to increase VAT.

Pre-Budget Report to be 'dropped'

The government is likely to axe this year’s pre-Budget Report, according to press reports.

Consumers overestimate VAT hike

Consumers believe that the forthcoming VAT increase will add more to shop prices than it actually will, a new study has claimed.

Quicker if businesses correct their own VAT mistakes

Businesses have been advised by HM Revenue and Customs (HMRC) that it may be quicker if they themselves were to correct errors made in previous VAT returns.

Removal of ESC 3.29 for charitable buildings

Just over a year ago, HMRC announced that the charitable buildings concession (Extra Statutory Concession 3.29, effectively ignoring for zero rating purposes up to 10 per cent non-qualifying use of a relevant building based on time, floor space or head-count) would be withdrawn on 1 July 2010.

Clarification of VAT rules on buying insurance

A Court of Appeal decision has resulted in changes to and clarification of what constitutes exempt introductory services in connection with a supply of insurance.

VAT rise likely to fuel inflation

The decision to raise the standard rate of VAT from 17.5 per cent to 20 per cent next year will be a significant driver behind a stubborn rate of inflation, the Bank of England has said.

New VAT rules for the treatment of holiday homes

Private individuals building their own new dwellings are able to claim VAT on the goods they buy for the purpose.

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