The VAT registration threshold will rise from £81,000 to £82,000 and the deregistration threshold will increase from £79,000 to £80,000. Both changes take effect from 1 April 2015.
Deductible VAT relating to foreign branches
Businesses will not be able to take account of foreign branches when calculating how much VAT on overhead costs they can reclaim in the UK. The measure will affect partially exempt businesses and they will have to implement the change from the beginning of their next partial exemption tax year falling after 31 July 2015.
Search and rescue charities, hospices and blood bikes
Search and rescue, air ambulance and hospice charities will be eligible for VAT refunds from 1 April 2015, as announced in the Autumn Statement 2014. The VAT refunds scheme will be extended to blood bike charities from the same date.
© Copyright 8 March 2017, subject to Finance Act 2017. For information only.
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