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NEIL WARREN tells a festive tale about how it all went wrong for Ebenezer Scrooge
KEY POINTS
- Ideas for VAT free Christmas presents.
- Non-profit making businesses.
- Mixed supplies and VAT.
- EU supplies and the turnover tests.
- A penalty warning.
This Christmas will be special. Ebenezer Scrooge has vowed that all of his festive spending will be free from VAT – a welcome 15% saving on his Budget forecasts.
As he sat contentedly by the glowing log fire in his immaculate Victorian cottage the tight-fisted man pondered his strategy. He was a good VAT planner – and had always managed to keep the annual turnover from his consultancy business £1 under the registration limits.
‘Now let me see ’ he mused as he put on his best thinking hat ‘does it make any difference if I buy things that are zero-rated or exempt? Probably not...
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