VAT problems sorted for car scrappage scheme
Concerns over VAT and administration issues cleared up, so major car manufacturers begin working within the car scrappage scheme
Concerns over VAT and administration issues cleared up, so major car manufacturers begin working within the car scrappage scheme
Concerns over VAT payments and the administration of the new car scrappage
scheme have abated, after its launch was plunged into chaos when Ford and Honda
held back dealers from registering new cars over the issues.
The scheme was announced in the Budget, with the government and motor
industry putting £1,000 each towards people trading in a car over ten years old
for a new vehicle.
But the major manufacturers were confused by a document issued by HM Revenue
& Customs, according to reports.
‘The document sent out last week from the Revenue was quite a confusing
document. This is what we are seeking clarification on,’ a spokesman for Honda
said at the time.
The issues were resolved today.
‘Ford is putting its full weight behind the UK vehicle scrappage scheme,
which will not only boost sales but will also bring positive employment and
environmental benefits too,’ said Ford Britain MD Nigel Sharp.
Further reading:
VAT confusion puts brakes on car
scrappage start
View
HMRC’s scrappage VAT guidance here
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article