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.
Interested in finding out more? Contact:
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.