London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

Budget 2008 - VAT

The main VAT changes announced in the Budget today are;

  1. With effect from 1 April 2008, the annual VAT Registration/deregistration limits have
    increased to £67,000/£65,000 respectively. 
  2. Revised fuel scale charges will apply for VAT return periods beginning after 1 May 2008.
  3. A transitional period has been announced for VAT refund claims to 31 March 2009. This follows recent litigation relating to the three year capping rules introduced in 1996/7.
  4. Withdrawal of the staff hire concession with effect from 1 April 2009.
  5. A package of simplification measures for the option to tax.
  6. Extension of the VAT exemption for fund management services.
  7. The limits for correcting errors on VAT returns have increased from £2,000 to the greater of £10,000 and 1% of turnover.

    Full details of these changes will be contained in our Budget Tax Bulletin to be issued shortly.

 

 

Date: 12th March, 2008
Author: Jane Stacey

SHARE THIS

Articles from this Author

Contact a Private Client Partner

Tweet

“Good luck to everyone who has also made it as a finalist, I look forward to awards evening later on in the year”-L… twitter.com/i/web/status/8…

Michael Lapham shortlisted in the Money Management Financial Planner Awards 2017 bit.ly/2fL8VXBtwitter.com/i/web/status/8…

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn