Charities and VAT - beware!
24 May 2016
VAT is now over 40 years in existence. What started out as a simple flat rate of tax at 10% has grown over the years into an ever increasingly complex tax with a standard rate now of 20%. I only have to look at my own VAT library to see how the volume of VAT legislation and related material has expanded over the years. The 1972 Finance Act introduced the original VAT legislation from 1st April 1973 and whilst this legislation was some 50 pages long, the most recent legislation now extends to almost 3,000 pages on VAT alone!