Monday, May 23, 2016

The VAT man cometh...

Remember the story about Jaffa Cakes?  Well the VAT man is at it again.  Children's colouring books are VAT free.  As I'm sure you are aware, there's been a recent craze for more complicated colouring books aimed more at adults.  So they're VAT free as well, right?  You will perhaps not be surprised to learn that the taxman has been scrobbling around looking for some way of getting his hands on 20% of the cost of these items.  There is a class of publication known as "uncompleted products" covering things like diaries and notebooks and which attract VAT, and HMRC are seeking to have adult colouring books classed as such. Who was it who said there are only two certainties - death and taxes.

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