As usual there’s a host of news stories about VAT around. Here are just a few of the most interesting and impactful, in brief, in the plainest English we can summon given that the EU VAT scene is so horribly complicated.
- European Commission President Jean-Claude Juncker says they’re planning to cut sales tax on online newspapers. The move will give national governments the right to put in place reduced VAT rates
- The EC is also determined to reform and simplify the EU VAT regime for B2C internet goods retailers, part of a 16 part initiative
- The UK will increase the annual reporting threshold for Intrastat reporting from £1.2m to £1.5m, but the limit for Dispatches will stay the same at a quarter of a million pounds
- HMRC is stepping up investigations into EU VAT fraud in the pharmaceutical and medical supplies industries
- The EC is is looking at whether to add VAT to crowdfunding which, if it goes ahead, could mean UK crowdfunded projects will face paying 20% VAT on investor returns
- HMRC has provided updated guidance on the VAT paid on discounts that sellers give for early invoice payment
- David Cameron has ruled out the prospect of a UK VAT rise immediately after the general election, assuming the Tories win
- David Cameron supports exemption for micro businesses in 2015’s amended B2C digital services VAT rules
- The UK will finally close a tax loophole costing almost £100m a year, affecting the recovery of VAT by banks and insurers with foreign branches
- The UK VAT registration threshold has gone up from £81,000 to £82,000 per year
Does any of it make any sense to you whatsoever? If not, you’re not alone. Millions of British start-ups, one man bands and SMEs are baffled by the nation’s ever-changing, gnarly VAT system. That’s why our VAT Lady services are so popular.
Here’s your choice…
You could spend the rest of your natural life trying to decode Britain’s super-complicated VAT rules and regulations, form filling and keeping up to date with HMRC’s latest machinations. Or you could say ‘stuff it’, hand all your VAT matters to us – start to finish- and concentrate on building your business up into something special.
Which do you like the sound of? If it’s the latter, we’re here to help you comply, keep the right records and pay on time.