Unlike VAT, HMRC confirmed that PPT is only paid once the product is finished or imported. If you choose to increase the price to cover the cost of PPT, VAT will still be payable on the whole price charged for the goods you sell according to VAT rules.
Source: globalvatcompliance.com
Latest Posts in "United Kingdom"
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
- Navigating UK VAT: Key Considerations and Pitfalls in Exporting Goods
- HMRC’s New VAT Error Correction Rules: Stricter Penalties and Reporting Changes Explained
- UK Supreme Court Confirms VAT on Intragroup Fees for Former VAT Group Members
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case