Fisher Phillips Chartered Accountants | Spring Newsletter

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E: info@fisherphillips.co.uk | T: +44(0)20 7483 6100 | F: +44(0)20 7435 0152

Newsletter Spring 2012

Content

Lead articles...

Every silver lining has a cloud

The good seed

Late later latest

The artful lodger

Pension limits

Slicing and dicing

Company exits

Home thoughts from abroad

Business or personal?

Capital falling

Unrelieved interest

Digging up the dirt

Going quietly...

VAT...

Food and drink

Jackpot pays out?

Not so interesting

Know your supplier

Know your limitations

Law items...

Sacked or not sacked?

« Back to News

Food and drink

The Tax Tribunal has been dealing with important issues again – to go with ‘Jaffa Cakes are cakes, not biscuits’ and ‘Pringles are like crisps’, we now have ‘Lucozade Sport is a beverage, not a food’; concentrated iced tea is tea; and United Biscuits’ ‘Frisps’ are not like crisps because there’s more wheat flour in them than potato.

The UK’s rules on VAT and food famously don’t make sense. If you make or sell food, it’s important to be confident that HMRC won’t ask for VAT that you haven’t collected because you thought the product was zero-rated. If in doubt, ask for a ruling – get the VATman round for a cup of tea and a biscuit. Or maybe a cake.