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VAT commentary – Autumn Statement

As has become standard practice since the pasty tax debacle some years ago, the Chancellor has shied away from tampering with VAT. He has resorted, once again, to a minor tweak, with a charity angle. The £15 million per annum of VAT collected on sales of women’s sanitary products will be diverted to support women's charities with Eve Appeal, SafeLives and Women’s Aid and The Haven initial beneficiaries, with bids welcomed from other charities.

Of greater significance is the announcement that sixth form colleges will become eligible to convert to Academies, which will permit them access to the section33B VAT reclaim process. This currently applies such that VAT incurred on non-business activities of education, along with closely related supplies made (at or below cost) to pupils, such as catering, boarding, school clubs, calculators, stationery and musical instruments sold to pupils for use in school.  This could be a significant change in administration and procedure for those colleges that take the leap, and who also decide to VAT register for their taxable sales.  

If you would like to discuss any VAT issues, please contact Richard Collier or your usual Mercer & Hole contact.

 

 

Date: 26th November, 2015
Author: Richard Collier

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