Budget 2021: Four VAT rates to grapple with
For the first time since 1979, the UK will have four rates of VAT for the six-month window starting on 1 October: 0%, 5%, 12.5%, 20%. So much for simplification, writes Neil Warren
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"I remember talking about these proposed changes on my VAT update courses, and I retired from speaking in 2014. I used to include a photo of the late Bruce Forsyth on one of my slides, changing his popular catch phrase of ‘points make prizes’ to ‘points make penalties’."
I remember that and also - my most vivid memory - a picture of the wooden tables outside Euston station (re: VAT on "takeaway" food) and some of your comments about the dress sense of some of the patrons of the kiosks. Best VAT lectures I ever attended.
When MTD kicks in for those business under the VAT threshold on 01/04/22, there will be an exodus of businesses applying to deregister. I'll certainly be one of them as I wind down my business.
I quite miss the VAT fraction of 7/47 since it was easy to remember based on the Boeing aeroplane 747 when I was a VAT inspector.
When MTD kicks in for those business under the VAT threshold on 01/04/22, there will be an exodus of businesses applying to deregister. I'll certainly be one of them as I wind down my business.
I quite miss the VAT fraction of 7/47 since it was easy to remember based on the Boeing aeroplane 747 when I was a VAT inspector.
'and confirmed that the £85,000 threshold will remain in place until at least 2024. '
Mmmmmmmmmm not what I wanted to hear. 2024!
Strewth what a polava
i have spent 10 minues looking on google to work out if our client may still eligible for the 0% flat rate that was temporarily available for being a pub - 1% less 1% first year discount. Sign of old age if you can't quickly find the answer on google :) - i am feeling old today for sure.
Strewth what a polava
i have spent 10 minues looking on google to work out if our client may still eligible for the 0% flat rate that was temporarily available for being a pub - 1% less 1% first year discount. Sign of old age if you can't quickly find the answer on google :) - i am feeling old today for sure.
Ok found my answer eventually flat rate for pubs - 1% still till 30/9/2021 and 4% from 1/10/21
https://www.gov.uk/vat-flat-rate-scheme/how-much-you-pay
Pubs before 15 July 2020 6.5
Pubs from 15 July 2020 to 30 September 2021 1
Pubs from 1 October 2021 to 31 March 2022 4
The complexity is being talked up a bit here.
We've had three rates(0%/5%/20%) ever since VAT was applied on domestic energy. And we've been dealing with a special rate for hospitality for nearly a year already (although with much of that sector closed, it's been more of a theoretical reduced rate than a real one).