Filmed at the recent Tax Faculty conference, our video looks at the issues of simplicity, sustainability and technology from the key speeches and the views of the future from those in the know.
As the third biggest contributor to the Exchequer (or second if you consider income tax and NIC as a single tax on personal income), VAT is vital to public sector finances, a point noted by keynote speakers Jim Harra, First Permanent Secretary and Chief Executive, HMRC, and Professor Rita de la Feria, Chair of Tax Law, University of Leeds.
Discussions throughout the day were wide-ranging. A major topic was the issue of what should be zero rated (not just Jaffa cakes and giant marshmallows, but solar panels and sanitary products) and whether any changes to the tax base actually filtered through to consumers, who they were supposed to help. The political challenges of reforming VAT were also highlighted: politicians have previously been stung by media-led backlashes to changes to the VAT base, even if unfounded.
Looking to the future, technology is disrupting the business models upon which the tax was built, and the EU’s VAT in the Digital Age (ViDA) project received a lot of airtime – including its importance to UK businesses.
- TAXguide 07/23: Making R&D claims – what information must be submitted and when?
- TAXguide 06/23: A basic guide to pillar two
- TAXguide 05/23: Tax relief for pension contributions – recent changes
- TAXguide 04/23: Payroll and rewards update 2023 – Q&A
- TAXguide 03/23: R&D tax relief for accounting periods spanning 1 April 2023