VAT

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

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.

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up to 10 per cent non-qualifying use of a relevant building based on time, floor space or head-count) would be withdrawn on 1 July 2010.

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.

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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