Situations in which planned adjustments to regulations could save VAT for manufacturing and exporting businesses
I have just completed the notes and slides for my autumn VAT courses which is always a pleasing moment because I no longer feel as frantic as a whippet running round on an ice rink; normal service can resume.
So in this article I am going to share with you two important VAT changes that are due to take effect in the future one in 2014 and the other on 1 October 2013.
Rebates by manufacturers
This particular issue forced me to put on my thinking cap to consider whether – in the mysterious world of the nation’s favourite tax – it has ever been possible for a business to reduce its output tax on a supply (effectively a VAT credit) if it has never actually accounted for output tax on the sale in question.
I suppose a comparable situation would be getting...
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