Marks & Spencer has won a long-running battle to be fully repaid VAT
mistakenly charged against its teacakes.
The taxman had earlier agreed that it had wrongly classed M&S’ teacakes
as biscuits between 1973 and 1994, during which time the retailer overpaid £3.5m
However HM Revenue & Customs would not fully refund M&S.
Law lords upheld an earlier European Court of Justice ruling that M&S was
entitled a full refund.
HMRC had refused to pay back the tax as customers had footed the bill, and M
&S would be ‘unjustly enriched’, according to the BBC.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals
Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory