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.... The strong revenue growth partly reflected a 4. 3% rise in VAT receipts, although recent shopping trends appear to show this will weaken in the coming months. ... [Read full article on Guardian ]
Wednesday 21st of June 2017 10:49:47 AM
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Latest Finance News related to VAT

Private schools to save £522m in tax thanks to charitable status image
Source : Guardian [Read Article] Sunday 11th of June 2017 05:06:19 PM
.... It also said academies, foundation schools and voluntary-aided schools automatically qualified for charitable status, while insisting that state-school funding accounted for the cost of business rates. In the run-up to the election, Labour leader Jeremy Corbyn announced plans to charge VAT on private school fees to fund free school meals for primary school children. ...
The Guardian view on the economy: invest for growth | Editorial image
Source : Guardian [Read Article] Tuesday 6th of June 2017 07:08:11 PM
.... Meanwhile, Mrs May plans to focus her austerity cuts on young people likely to have or to be planning a family, as the Resolution Foundation has said. Increases in personal taxes or VAT, which she has refused to rule out, would fall on the same group. ...
Gin sales help fill Treasury coffers as spirits raise more money than beer image
....66, a total of £10. 33 in duty and VAT goes to the government. ...
Chateau Brexit? Average price of bottle of wine reaches record high image
Source : Guardian [Read Article] Thursday 1st of June 2017 10:15:00 AM
....More than half (56%) of what Brits paid for a bottle of wine in March, before the latest duty rise came into effect, went on alcohol duty (£2. 16) and VAT (93p). ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
....Higher earners pay income and social security taxes that are on a par with the US, Australia and Spain, but which are much less than those in France, Sweden and Ireland. VAT, levied at a standard rate of 20%, is towards the lower end of sales tax rates across the EU, though council taxes are relatively high by comparison. ...
Paradise in the Med image
Source : BBC [Read Article] Thursday 25th of May 2017 09:54:43 PM
.... Its corporate tax system was sanctioned by the Organisation for Economic Co-operation and Development (OECD) and is in line with the EU's freedom of establishment. Mr Fenech insisted there was no fool-proof system anywhere to weed out questionable companies: "There's VAT evasion, money laundering all over Europe. ...
London economy subsidises rest of UK, ONS figures show image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 10:26:10 AM
....The ONS said the size of the deficit had narrowed to below £50bn in 2016-17, although the consumer-driven slowdown in spending since the start of the year meant the shortfall for the first month of the current financial year was more than £1bn up on April 2016. Analysts said the weakness of VAT receipts were evidence of the more difficult environment for consumers during a period when prices have been rising and wage growth has been stuck at 2%. ...
Government borrowing at three-year April high image
Source : BBC [Read Article] Tuesday 23rd of May 2017 09:24:08 AM
....7bn forecast by the Office for Budget Responsibility and was the lowest annual borrowing total since the financial year ending in March 2008. The total changed after VAT receipts were revised upwards by £1. ...
From tax to Brexit, the Tories will do anything to stay in power image
Source : Guardian [Read Article] Sunday 21st of May 2017 06:00:47 AM
.... The Tories have been no better. In which context, younger readers may be amused to learn that, during the 1979 election, there were persistent rumours that the Tories planned to double the rate of VAT from 8% to 16%. ...
May's manifesto is birth of third way Conservatism image
Source : Guardian [Read Article] Thursday 18th of May 2017 01:15:48 PM
....The glacial pace of deficit reduction means that the 2017 manifesto is far more cautious in its tax pledges than the one produced by David Cameron two years ago. Back then, when the opinion polls were suggesting a hung parliament, Cameron pledged no increase in income tax rates, national insurance contributions or VAT. ...
Battle ground image
Source : BBC [Read Article] Sunday 14th of May 2017 01:14:58 AM
Labour has big spending ideas, but no plan to earn our trust | Phillip Inman image
....Mainstream voters also don’t want to be taxed at a higher rate. McDonnell says that for the vast majority, taxes will remain the same, which is true: his new income tax threshold would start at £80,000 and VAT will be frozen. ...
Brexit could slash the price of a pint by 20p if pubs unleashed from Brussels' red tape image
.... The European Commission has failed to update its directive on excise duty since 1992. Ahead of the General Election, politicians should do more to encourage to people into their local by reducing VAT on licensed premises and reducing business rates, said CAMRA. ...
General election 2017: Tax lock is bad policy, says IFS image
Source : BBC [Read Article] Monday 1st of May 2017 12:20:26 PM
. Politicians should avoid any election pledges on a "tax lock" which would rule out rises across three major taxes - income tax, National Insurance and VAT - a think tank has said. ...
General election: May paves way for end to pledges on NI and income tax image
. Theresa May is likely to abandon the Tories’ “triple tax lock” commitment and has ruled out increases to VAT, but signalled that she could allow a future Conservative government to raise national insurance and income tax. ...
Labour party pledges to outlaw all zero-hours contracts image
Source : Guardian [Read Article] Saturday 29th of April 2017 09:01:09 PM
....Labour has already said it will introduce four new bank holidays. McDonnell also signalled that Labour’s manifesto will pledge no rise in VAT or national insurance and he will argue the party should rule out reviving Miliband’s mansion tax policy. ...
Still got a paper fiver in your wallet? Well you should spend it now! image
Source : Guardian [Read Article] Saturday 29th of April 2017 06:00:22 AM
....375%). The chancellor, Norman Lamont, increased VAT from 15% to 17. ...
Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
....The Conservatives believe that their commanding poll lead, and the fact that most people have less confidence in Labour’s economic competence, creates the political space for them to wriggle out of some of the most costly pledges in the 2015 manifesto. Philip Hammond, the chancellor, created a stir last week when he appeared to suggest that the party would not repeat the sweeping promises it made in 2015 not to increase income tax, national insurance or VAT. ...
Airport duty-free prices not always cheapest, says Which? image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:00:29 AM
....A 360g bar of Toblerone cost £4 at Bristol World Duty Free but £3 at Asda, while a 70cl bottle of Tanqueray gin cost £18 at Heathrow Terminal 2 and £15 at Morrisons, the consumer group found. Despite a common assumption that airport shopping will cut out VAT, shoppers could save £21 by buying a 100ml bottle of Eternity for Men eau de toilette on Amazon for £25 rather than at Birmingham World Duty Free for £46. ...
UK government borrowing at lowest level since 2008 financial crisis image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:39:40 AM
....”. Responding to the latest figures, the OBR cautioned that 2016-17 borrowing was likely to be revised over the coming months, because some of the data at this stage – such as cash VAT receipts – was based on forecasts and estimates. ...
Government deficit at lowest since financial crisis, says ONS image
Source : BBC [Read Article] Tuesday 25th of April 2017 09:21:26 AM
...."The chance that the Autumn Budget contains net tax rises - like all of the last six post-election Budgets have done - is very high," Mr Tombs said. Mr Hammond hinted last week the Conservative party may drop its 2015 pledge not to raise income tax, national insurance or VAT. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
. Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy. ...
Biggest fall in UK retail sales in seven years image
Source : BBC [Read Article] Friday 21st of April 2017 09:24:52 AM
....But retail sales fell sharply in the first three months of the year, that was the first quarterly decline since 2013. It was also the sharpest fall since 2010, when a temporary cut in VAT came to an end. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....This chart from the Institute for Fiscal Studies shows that about 90% of income tax is paid by the 50% of taxpayers with the highest incomes, while more than a quarter is paid by the richest 1%. Indirect taxes such as VAT and fuel duty are not progressive though - people with lower incomes do not pay lower rates - so we need to consider all taxes. ...
Employment is high, skills are in demand. So why is pay still not rising? | Larry Elliott image
.... Inflation is going to hit 3% later this year and will comfortably outpace earnings growth. For consumers, this will be a rerun of the first half of the last parliament, although the impact is unlikely to be as severe, since back then a combination of rocketing oil prices and higher VAT took the annual inflation rate to 5% at a time when wage growth was struggling to get above 1%. ...
Which charity website should you use? image
Source : Guardian [Read Article] Sunday 9th of April 2017 05:59:00 AM
....45% on credit cards. Fees charged to charity The basic package is free, while an optional premium subscription costs £89 a year plus VAT. ...
Can you guess on which items we pay VAT? image
Source : BBC [Read Article] Thursday 6th of April 2017 12:26:35 AM
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Criminal gangs use UK ports to defraud EU customs image
Source : BBC [Read Article] Wednesday 5th of April 2017 07:02:51 PM
. Systematic failures by UK customs officials have allowed criminal gangs to defraud the European Union of at least £2bn in just four years plus billions more in lost VAT, the EU anti-fraud office OLAF has claimed. ...
Amazon enters business supplies market image
Source : BBC [Read Article] Tuesday 4th of April 2017 09:17:46 AM
....Amazon is targeting companies with a new service selling business supplies, such as laptops, power tools and cleaning products. Called Amazon Business, the online marketplace offers firms VAT-free pricing, VAT invoices, and software to track and limit spending. ...
Amazon expands into UK's £96bn business-to-business market image
Source : Guardian [Read Article] Tuesday 4th of April 2017 05:30:43 AM
....Amazon Business will sell more than 100m products and is targeted at small, medium, and large firms. It includes features that are tailored for the business community including free one-day delivery on orders over £30, VAT-exclusive pricing and in-depth analytics that allow purchasing managers to track how much they are spending on their account. ...
Tory donor Lycamobile in £26m tax dispute image
Source : Guardian [Read Article] Monday 3rd of April 2017 05:30:14 AM
. Lycamobile, the international phone call business and a major donor to the Conservative party, is embroiled in a £26m tax dispute with HMRC over VAT. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
.... More commonly, they are keen on indirect taxes: that is, taxes on consumption. Jersey has what it calls a Goods and Services Tax (GST), which is remarkably similar to VAT except it is charged on many things, such as food, that are VAT-free in the UK. ...
Brexit Britain is suddenly debating trade – but it's the wrong talking point | Larry Elliott image
....Other issues that were likely to cause problems were tax, intellectual property protection and the departure of the UK from European Atomic Energy Community (Euratom). Tax is a particularly tricky issue because outside the EU it would be open to Britain to make radical changes to VAT. ...
U-turn over Budget plan to increase National Insurance image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:30:48 PM
....Labour's Jeremy Corbyn said the U-turn showed a government "in chaos". Mr Hammond had faced a backlash by Conservative backbenchers last week, who accused him of breaking a general election manifesto commitment not to put up National Insurance, income tax or VAT. ...
Philip Hammond defends scrapping national insurance rise for the self-employed image
....Both the Treasury and No 10 insisted the decision, which leaves a £2bn hole in the chancellor’s budget plans over the next five years, had been taken jointly by May and Hammond. But at Westminster on Wednesday night some MPs insisted May had ordered her chancellor to drop the plans, fearing that breaking the party’s manifesto pledge to make “no increases in VAT, national insurance contributions or income tax”, would do too much damage to the Conservatives’ reputation. ...
Single market exit: UK construction 'could lose 175,000 EU workers' image
Source : Guardian [Read Article] Wednesday 15th of March 2017 06:30:23 AM
....He added that the controversial rise in national insurance contributions for the self employed, which were announced in the budget, would also hit the sector, where about 40% of the workforce were in that category. He also pointed to a crackdown on VAT avoidance in the construction sector and tax changes to profits of overseas property developers: “All of that coming together will make for challenges for the sector. ...
Boots airport stores to stop charging VAT on items after being caught in tax rip-off image
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Five minute guide to getting the most form home sale image
Source : Daily Express [Read Article] Sunday 12th of March 2017 01:48:00 PM
....“Examine the small print on your agent’s contract. For example, check whether the fees include VAT, otherwise you will pay an extra 20 per cent on top,” she adds. ...
After Brexit, Israel senses a chance to boost trade with UK image
Source : Guardian [Read Article] Saturday 11th of March 2017 04:00:38 PM
.... The tech sector is likely to be prioritised during negotiations, alongside defence and pharmaceuticals – not least because one in seven NHS drugs come from Israel. Ron Atzmon, managing director of the ID authentication tech company Au10tix, wants the UK–Israel relationship to replicate aspects of the EU, with harmonisation of VAT rates and intellectual property regulations. ...
Budget 2017: Self-employed 'tax raid' a 'rookie error' image
Source : BBC [Read Article] Saturday 11th of March 2017 09:22:56 AM
....Chancellor Philip Hammond's "tax raid" on the self-employed in the Budget has been described as a "rookie error" by former Tory chancellor Lord Lamont. He told the BBC the Conservative election pledge not to increase National Insurance, income tax and VAT was a "mistake". ...
It’s not true that the top 1% pay 27% of tax | Letters image
Source : Guardian [Read Article] Friday 10th of March 2017 06:14:35 PM
.... The top 1% of earners pay 27% of income tax, but income tax raises just 27% of the UK’s total tax revenue. This is less than is raised by VAT and other indirect taxes (29%) and not much more than is raised by national insurance (19%). ...
Wetherspoons boss condemns Hammond's 'budget for dinner parties' image
Source : Guardian [Read Article] Friday 10th of March 2017 10:08:26 AM
....He also poured scorn on a £1,000 business rates discount for pubs with a rateable value of less than £100,000, saying “that sum is dwarfed by tax and regulatory increases” and that Wetherspoon is not eligible for it in any case. The outspoken businessman pointed out the disparity between how pubs are taxed compared with supermarkets when it comes to VAT on food sales. ...
Wetherspoons chairman criticises 'dinner party' Budget image
Source : BBC [Read Article] Friday 10th of March 2017 08:04:21 AM
....The chairman of JD Wetherspoons has criticised the Chancellor for a "dinner party" Budget that failed to tackle tax inequalities between pubs and supermarkets. Tim Martin said pubs paid 20% VAT on food sales while supermarkets paid "almost nothing", enabling them to subsidise alcoholic drink prices. ...
May defends 'fair' National Insurance rise amid criticism image
Source : BBC [Read Article] Thursday 9th of March 2017 08:28:31 PM
...." . The Conservatives' last general election manifesto explicitly ruled out rises in National Insurance, VAT and income tax during the lifetime of the current Parliament. ...
May and Hammond face serious Tory revolt over tax on self-employed image
Source : Guardian [Read Article] Thursday 9th of March 2017 04:59:51 PM
....One of these who is understood to have expressed private worries about the proposal is a cabinet minister. The concerns centre both on the perception that such a move unfairly targets the self-employed and entrepreneurial, and also that the 2015 Conservative manifesto specifically ruled out rises to income tax, VAT or NICs before 2020. ...
The shameless Tories have betrayed the self-employed – and themselves | John Harris image
.... And this one does, in spades. First of all, as proved by Hammond’s painful media rounds the morning after the budget, no amount of dissembling can disguise the fact that the NI hike is a brazen breaking of a 2015 Tory manifesto – “We can commit to no increases in VAT, income tax or national insurance” – which blurred out into no end of rhetoric about how the mere idea of pushing up national insurance was the stuff of economic calamity. ...
Institute for Fiscal Studies backs National Insurance increase image
Source : BBC [Read Article] Thursday 9th of March 2017 01:00:13 PM
....He said it was never sensible to pledge no change to taxes: "These were silly pledges. To commit yourself to not raising the three main taxes - income tax, NI and VAT - ties your hands to an absurd extent. ...
Prospect of £1.7bn fine looms large over PM's talks with EU leaders image
Source : Guardian [Read Article] Wednesday 8th of March 2017 10:30:19 PM
.... France, Germany, Spain and Italy are estimated to have lost a combined €3. 2bn in VAT revenues between 2013 and 2016 as a result of British failures in handling imports at its ports. ...
Budget 2017: manifesto row clouds chancellor's attempt at low-key package image
....The chancellor’s attempt at a low-key package threatened to be overshadowed by a row over whether the plan to bring NICs for the employed and self-employed into line would both stifle enterprise and break a commitment made by David Cameron in 2015. The Conservatives vowed there would be no increases in income tax, VAT or NICs for the duration of the 2015-2020 parliament and during the last election campaign senior Tories accused then Labour leader Ed Miliband and his shadow chancellor, Ed Balls, of plotting to raise NICs, “hitting hard-working taxpayers and costing jobs”. ...
Hammond seems to be expecting business rates storm to just blow over image
Source : Guardian [Read Article] Wednesday 8th of March 2017 07:42:51 PM
....Simple alternatives are not easy, of course. We already have VAT and corporation tax applies to profit. ...
Philip Hammond breaks manifesto pledge with budget tax grab image
Source : Guardian [Read Article] Wednesday 8th of March 2017 04:05:32 PM
....A Labour spokesman condemned what he called a “sole traders tax” – though the Treasury pointed out that the changes would only hit those whose profits exceeded £8,000, and many of those were due to benefit from a separate change due to take effect in April, which will see class two NICs, also paid by the self-employed, abolished. The Conservatives’ 2015 manifesto promised four times that the party would “not increase the rates of VAT, income tax or national insurance in the next parliament”. ...
Budget: Does NI rate rise break a pledge? image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:04:52 PM
....Chancellor Philip Hammond has announced increases in the rate of National Insurance paid by self-employed workers. But in the Conservative Party's manifesto for the 2015 general election, it promised: "We will not raise VAT, National Insurance contributions or income tax". ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....”. However, the increase has triggered criticisms that the Conservatives are reneging on a 2015 manifesto pledge that committed the government “to no increases in VAT, income tax or national insurance” – while the reception from the business community was less than positive. ...
Budget 2017: £2bn for social care and tax rise for self-employed image
Reality Check image
Source : BBC [Read Article] Tuesday 7th of March 2017 01:31:56 AM
....The government said in the Autumn Statement that the increases in the basic rate threshold in the last parliament had meant four million of the lowest-paid people were not paying it at all. In addition to the taxes included on this chart are fuel duty, which has fallen gradually as successive governments have frozen it, and VAT, which got a boost when the government raised it from 17. ...
Just one in five complaints about potential mis-sold PPI  made so far image
Source : Guardian [Read Article] Thursday 2nd of March 2017 05:36:47 PM
.... He said last week he handled a £16,000 compensation claim relating to a PPI policy sold alongside a storecard. Davies’ firm charges a 29% fee including VAT on any compensation awarded. ...
Delay Brexit if no trade deal reached, say business leaders image
Source : BBC [Read Article] Tuesday 28th of February 2017 03:23:30 AM
...."What's debated in Westminster often isn't what matters for most businesses. "Most firms care little about the exact process for triggering Article 50, but they care a lot about an unexpected VAT hit to their cash flow, sudden changes to regulation, the inability to recruit the right people for the job, or if their products are stopped by customs authorities at the border. ...
The truth about falling gas prices image
Source : Guardian [Read Article] Saturday 25th of February 2017 06:59:05 AM
.... EDF wrote to him in January to say that the unit price of his gas would be increasing from 2. 397p (excluding VAT) to 3. ...
Business rates: this toxic row will return unless we find a fairer alternative | Nils Pratley image
....There are, of course, no easy alternatives to a tax that raises £28bn a year for councils and the government. We already have a sales tax called VAT and corporation tax applies to profit. ...
Tax barrister plans to take Uber to court over alleged £20m black hole image
Source : Guardian [Read Article] Tuesday 21st of February 2017 03:00:09 PM
....A leading tax lawyer is planning to challenge Uber in the courts over what he alleges could be a £20m-a-year black hole in its tax payments in the UK. Jolyon Maugham QC said he was preparing to submit a case to the high court that would argue the US taxi app company should be paying VAT on fares, which he estimated would total almost £20m for 2015. ...
Even with price rises, there’s no place like home for bargain-hungry Brits image
Source : Guardian [Read Article] Saturday 18th of February 2017 07:00:33 AM
....Then there’s the awkward question of bringing stuff back to the UK. Anything brought in from the US (or indeed any country outside the EU) may be subject to VAT, customs and excise duty, unless they’re below £15 in value (£39 if they’re a gift). ...
Viagogo condemned over Ed Sheeran cancer benefit concert tickets image
Source : Guardian [Read Article] Friday 17th of February 2017 05:37:34 PM
....A secondary ticketing website has been accused of “moral repugnance” for seeking to profit from an Ed Sheeran concert that is in aid of teenage cancer patients by reselling tickets for thousands of pounds. Viagogo is advertising stalls seats at next month’s the Royal Albert Hall gig for Teenage Cancer Trust for up to £1,750, rising to £2,330 once £583 for VAT and a booking fee are factored in. ...
Wine lovers face triple whammy Brexit price rise, says UK trade body image
Source : Guardian [Read Article] Tuesday 14th of February 2017 07:01:36 AM
....Duty on a bottle of still wine in the UK is £2. 08, meaning that 55% of the average-priced bottle goes on duty and VAT, while for sparkling wine drinkers duty is 28% higher than still wine. ...
Scottish Power customers to be hit by 7.8% price hike image
Source : Guardian [Read Article] Friday 10th of February 2017 12:26:20 PM
....”. The company broke down the £86 rise, saying £54 was a result of the higher wholesale prices, £18 for government levies for environmental schemes, £10 for smart metering and £4 for VAT. ...
‘A horrendous notion’: small firms object to tourist tax proposals image
Source : Guardian [Read Article] Wednesday 8th of February 2017 07:15:00 AM
....Either way, Shalam believes a tourist tax could have a negative impact on domestic tourists. “Added to VAT, they’ll see it as more expensive to stay in the UK than go abroad. ...
Ticket touts rebrand as investigations put them in spotlight image
Source : Guardian [Read Article] Monday 23rd of January 2017 03:16:42 PM
.... He did not respond to a request for comment. In other cases, tickets are advertised as being sold by companies that are not registered at Companies House, or listed with a non-existent VAT number. ...

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