VAT and other indirect taxes
The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In this series, we focus on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions please contact us for advice.
In this edition of our Budget 2020 series, we focus on Value Added Tax (VAT).
E-publications
The government will introduce legislation to apply a zero rate of VAT to e-publications from 1 December 2020, to make it clear that e-books, e-newspapers, e-magazines and academic e-journals are entitled to the same VAT treatment as their physical counterparts.
Tampon tax
From 1 January 2021 the government will apply a zero rate of VAT to women’s sanitary products. Postponed accounting From 1 January 2021 postponed accounting for VAT will apply to all imports of goods, including those from the EU.
Comment:
The postponed accounting for VAT aims to provide a boost to those VAT registered UK businesses which are integrated in international supply chains as they adapt to the UK’s new trading arrangements under Brexit.
For more information or to discuss how we can help you effectively structure your finances for tax and save you money, contact your usual Beavis Morgan Partner.
Our experts at Beavis Morgan take the hassle of dealing with HMRC away from you, so you don’t need to deal directly with them. We are also able to advise on all aspects of tax whether compliance or planning.
If you have any concerns about your personal or business financial situation, our experts at Beavis Morgan group business, BM Advisory, are able to assist. We specialise in finding innovative solutions for businesses and individuals in distress. Contact Andy Pear or Mike Solomons of BM Advisory for more information and an initial free consultation.
Other articles in our Beavis Morgan Budget 2020 series include:
Employment Tax
For Rates and Allowances 2020/21, view the full Beavis Morgan Budget 2020 Summary Report.
You can also follow our Beavis Morgan LinkedIn page to keep up with key developments in tax and the impact these changes might have on you and your business.
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