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The main VAT and indirect tax points from the autumn statement.
There were no major changes on VAT or indirect taxes in the autumn statement although the announcement relating to ‘limited cost traders’ in the flat rate scheme will probably give food for thought to many practitioners. The main VAT and indirect tax announcements are outlined below.
VAT
- VAT flat rate scheme. A new 16.5% rate will be introduced from 1 April 2017 for businesses with limited costs such as many labour-only businesses. See HMRC’s technical note: Tackling Aggressive Abuse of the VAT Flat Rate Scheme. Anti-forestalling provisions will prevent low cost traders using another rate beyond 1 April 2017.
- VAT grouping. The government will consult on VAT grouping but no further details have been provided.
- Retail export scheme. The retail export scheme will be fully digitised to reduce the administrative burden of travellers making refund claims.
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