Budget update 2014

Registration threshold

  • This is increased from £79,000 to £81,000.

  • £77,000 for deregistration on expectancy of lower turnover.

Changes to the Place of Supply of Telecoms & Broadcasting Services supplied from businesses to consumers

With effect from 1 January 2015 these will be taxable in the Member State in which they are consumed. The UK will operate a Mini One-Stop Shop to facilitate registration in the UK only and the furnishing of a single return to account for all supplies in the EU.

Reverse charge to be applied to wholesale supplies of gas & electricity

Timing to be advised after consultation with trade sector bodies.

Early settlement discounts

If you offer discounts for early settlement of invoices VAT is chargeable by reference to the discounted amount; from 1 May 2014, supplies of telecoms & broadcasting services will be chargeable by reference to the amount actually paid. This will apply to all other goods and services with effect from 1 April 2015.

Eligibility of new bodies for s41 refunds

  • Health Research Authority
  • Health Education England

Effective date to follow

Revised road fuel scale charges

HMRC has published a revised table. If you account for private use of fuel by the scale charge the new rates will apply from 1 May.


Refunds for public bodies

Combined Authorities to be included

Zero rating of adapted motor vehicles for wheelchair users

Consultation intended to target relief & reduce fraud