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HMRC have published a business brief explaining their approach to supplies of direct marketing that have been wrongly treated as zero-rated supplies.
HMRC have published a business brief explaining their approach to supplies of direct marketing that have been wrongly treated as zero-rated supplies (www.lexisurl.com/rcb102015).
The Revenue acknowledges that there have been misunderstandings over what is to be treated as a zero-rated supply of delivered goods or a standard-rated service. To clarify the position it has updated the guidance in VAT Notice 700/24: postage delivery charges and direct marketing and VAT Notice 701/10: zero-rating of books and other forms of printed matter.
The department has agreed a transitional period which ends on 31 July 2015 for businesses that have treated supplies of direct marketing incorrectly for VAT. HMRC will not take any retrospective action for supplies made before 1 August 2015 where the supplier has zero rated a separate single supply consisting of either addressed...
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