- Starting a new business involves a long list of tasks, but once funding is secured and a product is developed and marketed, VAT becomes an important consideration.
- While most food products are zero-rated for VAT, there are exceptions that could lead to incorrect VAT liabilities.
- Registering for VAT can provide benefits, including the ability to reclaim VAT on setup costs and commercial energy consumption.
- Making Tax Digital (MTD) compliant accounting software is recommended, as is careful consideration of VAT rules for e-commerce, exporting, and importing.
- Additionally, businesses should be aware of new border controls for high-risk food being introduced between 2023 and 2025 when sourcing goods or ingredients from the EU.
Source specialityfoodmagazine.com
Latest Posts in "United Kingdom"
- Navigating VAT Challenges in UK Care Homes: Compliance, Risks, and Strategic Planning
- UK Chancellor Considers Increasing VAT Threshold to Boost Business Growth
- Potential VAT Changes for Travel Businesses: UK and EU TOMS Reforms, New Platform Rules
- VAT Fraudster Arif Patel Loses Ferrari and £90m Property Empire in HMRC Crackdown
- UK Internal Market Act Reforms Enhance Trade, Flexibility, and Collaboration Across Nations
