Budget Value Added Tax
Unlike last year, there are no attention grabbing VAT changes in this Budget. Important developments continue apace however, driven by case law at both EU and domestic levels.
The VAT registration and deregistration thresholds will be increased in line with inflation so that with effect from 1 April 2013:
- the taxable turnover threshold which determines whether a person must be registered for VAT will be increased from £77,000 to £79,000;
- the taxable turnover threshold which determines whether a person may apply for deregistration will be increased from £75,000 to £77,000; and
- the registration and deregistration threshold for relevant acquisitions from other EU Member States will also be increased from £77,000 to £79,000.
Fuel Scale Charges
Fuel scale charges will be revalued with effect from 1 May 2013.