VAT

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.

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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.

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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.

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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purposes up to 10 per cent non-qualifying use of a relevant building based on time, floor space or head-count) would be withdrawn on 1 July 2010.

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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.

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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.

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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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VAT increase could be 'detrimental'

As many as one in three firms are worried that the planned increase in VAT could have an adverse effect on their business, a new survey has claimed.

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Tax measures will hit consumer budgets

The effects of the emergency Budget will be felt adversely by most households and consumers in the UK, a leading economics group has predicted.

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