Business and Other Briefings
ScotGov: Scottish businesses should take advantage of opportunities overseas as key economies in Europe & the United States emerge from recession, according to John Swinney. The Finance Secretary was speaking to more than 100 GlobalScots - senior business leaders with an affinity for Scotland, who want to contribute to its economic success - at a conference in Glasgow.
HMT: Pubs, clubs, restaurants and other retail businesses remaining open past midnight on New Year’s Eve will be allowed to continue charging VAT at 15% on their sales until they close (or until 6am on 1 January 2010), whichever is the earlier. Similar arrangements will apply to telecommunications companies in respect of calls & texts made up to 6am on 1 January 2010.
The ‘period of grace’ will not apply to businesses that account for VAT on the basis of VAT invoices issued, or to mail order or on-line retail sales. HM Revenue & Customs (HMRC) will shortly publish a Revenue & Customs Brief explaining the extent of the concession in more detail.
This Revenue & Customs Brief 68/09 explains two HMRC measures designed to assist businesses in implementing the return of the standard rate of VAT to 17.5 per cent. It also includes details of the consultation currently being carried out by the Department for Business, Innovation and Skills (BIS) about a proposal to amend the Price Marking Order 2004.
