Budget 2015

VAT changes & issues arising

Registration

  • From 1 April 2015.

  • Threshold up from £81,000 to £82,000.

  • Deregistration threshold from £79,000 to £81,000.

Medical Courier Charities

  • From 1 April 2015.

  • New refund scheme for medical courier charities.

Palliative Care Charities

  • From 1 April 2015.

  • New refund scheme for palliative care charities.

Prompt Payment Discounts

  • From 1 April 2015.

  • VAT is to be accounted for on the consideration received, as opposed to the discounted price; this is likely to cause some administrative issues.

Amendment to Partial Exemption Regulations

  • From 1 August 2015.

  • Supplies made by foreign branches can no longer be taken into account when calculating the deductible proportion of input tax on overhead costs.