Some businesses will welcome and benefit from changes that re-level the playing field, says Marc Welby.
The VAT measures announced as part of this year’s Budget were said to be aimed at removing some of the loopholes and anomalies in VAT and are to be given effect by ‘simplifying’ the application of VAT in certain areas. Perhaps unsurprisingly none of the changes are expected to result in less VAT being collected and together are set to yield an estimated £270m of additional revenue in their first full financial year (2013/14). It is not a huge amount in the scheme of taxation but will nonetheless be welcomed by the Chancellor and by HMRC if the changes help to reduce the costs of administration which in...
