VAT news - March 2017

Welcome to our VAT blog area – we talk about the things that are important to our clients and the essential VAT information we think you need to know.
You can connect with us by sharing posts, adding comments or getting in touch to talk about VAT issues that are important to you.

Brexit Day

Gareth Bevan 29 March 2017 No comments

So Brexit Day is finally here.  Today at 1.20 p.m. Sir Tim Barrow hand-delivered the Article 50 letter to European Council President Donald Tusk signalling the official start to the Brexit negotiation process. UK negotiating position The Article 50 letter sets out seven negotiating principles: We should engage with one another constructively and respectfully, in…

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Mining

Holding Companies – new HMRC VAT guidance expected soon

Gareth Bevan 18 March 2017 No comments

Following a number of recent VAT cases concerning the VAT recovery position of holding companies, we expect HMRC to issue updated guidance in the near future. Holding companies and VAT recovery The extent to which holding companies may recover VAT on costs is a complicated area.  The main issue affecting the ability of holding companies…

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Budget 2017

Spring Budget 2017 – VAT Headlines

Gareth Bevan 8 March 2017 No comments

Today Chancellor Philip Hammond presented the last Spring Budget.  Future Budgets will be delivered in the Autumn. The main VAT-related measures announced in the Budget are: VAT Registration and deregistration thresholds From 1 April 2017 the VAT registration threshold will increase from £83,000 to £85,000 and the deregistration threshold from £81,000 to £83,000. VAT Use and enjoyment…

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Review

Office of Tax Simplification (OTS) Review of VAT

Gareth Bevan 2 March 2017 No comments

At the 2016 Autumn Statement, the Chancellor of the Exchequer and the Financial Secretary to the Treasury asked the Office of Tax Simplification (OTS) to conduct a review of VAT.  The objective of the review was to see whether the VAT system was fit for purpose in the modern economy and to identify potential areas…

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