Commentary

RCB/19/09 VAT—partial exemption—changes to the Standard Method

Part V16 Forms and other HMRC material

RCB/19/09 VAT—partial exemption—changes to the Standard Method

RCB/19/09 VAT—partial exemption—changes to the Standard Method

Revenue & Customs Brief, Issue 19. 1 April 2009

This Revenue and Customs Brief article announces four changes to the partial exemption standard method that take effect from 1 April 2009.

  1.  

    (1)     in-year provisional recovery rate

  2.  

    (2)     early annual adjustment

  3.  

    (3)     use-based option for new partly exempt businesses

  4.  

    (4)     widening the scope of the standard method.

The changes are being made following reponses to the consultation on ideas to simplify the partial exemption rules confirmed strong support for their implementation.

The first three changes are optional and businesses can benefit from them without seeking approval from

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