- HMRC updated VAT Notice 749 with two corrections for local authorities and public bodies
- Section 7.2 amendment removed reference to VAT attributed to exempt supplies
- Clarifies calculation for VAT recovery on exempt activities
- Simplifies insignificance test criteria for VAT recovery eligibility
- Section 7.5 deadline changed from 31 October to 30 September
- Local authorities have one month less for annual VAT recovery calculations
- Updates address compliance issues for VAT recovery on exempt activities
- Authorities must adjust year-end VAT procedures for the new deadline
- Simplified insignificance test may ease VAT recovery calculations
- Authorities should review VAT recovery processes for compliance with updates
- Reflects HMRC’s efforts to clarify VAT obligations for public bodies
Source: deeksvat.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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