|From||4 Jan 2011|
|Current Turnover Limits|
|Registration - last 12 months or next 30 days over||£77,000 from 1 April 2012|
|Deregistration - next 12 months under||£75,000 from 1 April 2012|
|Annual accounting scheme||£1,350,000|
|Cash accounting scheme||£1,350,000|
The definition of 'hot food' will be clarified to confirm that the sale of all hot food, with the exception of freshly baked bread, is standard-rated. The meaning of 'premises' will be clarified by confirming that the sale of all food sold for consumption in areas adjacent to a retailer (such as a table and chairs outside a café) or in areas that are shared with other retailers (such as food courts in shopping centres) is standard-rated. The measure will have effect on supplies made on or after 1 October 2012.
Currently the repair and maintenance of a protected building is standard-rated, but the approved alteration of a protected building is zero-rated.
New rules will result in:
The measure will have effect on supplies made on or after 1 October 2012. Transitional arrangements will be put in place to protect contracts entered into before 21 March 2012. Anti-forestalling legislation will apply to supplies made on or after 21 March 2012.
It has been clarified that from 1 October 2012 the standard rate of VAT will apply to: self-storage, hairdressers’ chair rental, sports nutrition drinks and holiday caravans.