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We have received the HMRC definition of a ‘Limited Costs’ business for whom the new VAT Flat Rate of 16.5% will apply. This is outlined as a company whose VAT inclusive expenditure on goods is either:
In this context, goods must be used exclusively for the purpose of the business but will exclude the following items:
These exclusions are designed to prevent a company from buying either low value everyday items or one off purchases in order to inflate their costs beyond 2%. In addition, we can infer that expenditure on services are also excluded.
The government plan to publish draft secondary legislation on 5th December 2016 and businesses will then have an eight-week window to comment.
Our detailed review of the Autumn Statement will be published tomorrow. In the meantime, if you would like to discuss how the Autumn Statement will affect you, please email us at tax@cooperfaure.co.uk.
There is still time to register here for our Impact of the Autumn Statement webinar running on Monday 28th November at 1pm.
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