11 March, 2020 in Industry News

2020 Spring Budget VAT

The following is a summary of 2020 Spring Budget in relation to VAT.

To return to the full summary of facts click here.

 

VAT Postponed Accounting

Postponed accounting for VAT on all imports of goods to the UK will apply from 1 January 2021.

This will have a positive impact on the cashflow of businesses which pay import VAT.

 

Change in VAT Rules for Call of Stock Arrangements

Businesses moving stock between the UK and EU member states are currently required to register for VAT in the country in which they store goods until they are subsequently sold on to customers in that country. From 1 January 2020 this requirement has been removed. The position after 31 December 2020 will depend on the outcome of the current Brexit negotiations.

 

VAT on Digital Publications

The VAT on digital publications will be reduced from 20% to the zero-rate from 1 December 2020 to bring it in line with printed publications.

 

VAT Reverse charge

The delayed introduction of the VAT reserved charge is still going ahead as planned for the construction industry in October 2020.

 

To return to the full summary click here.

 

A PDF version is available to download here.

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