Merchant surprise as candy, sugary drinks not in VAT cut

New PLP Not for The Common Man - Taxation Exhibit B

Dear Editor, On April 1, 2025, the reduction of Value Added Tax (VAT) on certain uncooked food items from 10% to 5% on items that previously attracted 0% under the previous Free National Movement government (FNM) took effect. It is not a coincidence that the effective date was April Fool’s Day – a day known for practical jokes, pranks, hoaxes, and mischief. The only difference here is that the jokester is the current administration led by the Pr…

Merchant surprise as candy, sugary drinks not in VAT cut

A Cabinet minister yesterday hailed the decision not to give candy and sugary drinks a 50 percent VAT rate cut despite the initial confusion this caused for food store merchants.

Too many businesses falling into VAT traps

VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common VAT mistakes to avoid: Charging the wrong VAT rate – Some goods and services have reduced or zero-rated VAT and applying the wrong rate can mean underpaying or overpaying tax. Incorrect VAT reclaims – N…

Too many businesses falling into VAT traps - Rotherham Taylor Chartered Accountants

VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common VAT mistakes to avoid: Charging the wrong VAT rate – Some goods and services have reduced or zero-rated VAT and applying the wrong rate can mean underpaying or overpaying tax. Incorrect VAT reclaims – N…