Is there VAT on magazines UK?
Digital publications are currently taxed at 20% in the UK whereas printed publications have been exempt from VAT since its introduction in 1973, ‘on the general principle of avoiding a tax on knowledge’.
Are magazines subject to VAT?
Chancellor Rishi Sunak has announced the 20% tax on e-books and online newspapers, magazines and journals will be abolished on 1 December.
Are magazines VAT exempt?
A list of goods and services showing which rates of VAT apply and which items are exempt or outside the scope of VAT….Publications.
| Goods or services | VAT rate | More information |
|---|---|---|
| Magazines | 0% | VAT Notice 701/10 |
| Newspapers | 0% | VAT Notice 701/10 |
| Printed or copied music | 0% |
Is there VAT on publications?
A new section 9 has been incorporated to provide guidance on the VAT liability of supplies of certain electronic publications (e-publications) that became zero-rated from 1 May 2020.
Is there VAT on online magazine subscriptions?
Since the e-newspaper and printed newspaper are both zero rated, the subscription will be zero rated for VAT purposes.
What items are VAT exempt in UK?
There are some goods and services on which VAT is not charged, including:
- insurance, finance and credit.
- education and training.
- fundraising events by charities.
- subscriptions to membership organisations.
- selling, leasing and letting of commercial land and buildings – this exemption can be waived.
Are postcards Vatable?
The standard VAT rate is 20%….VAT on Printed Products.
| Zero-Rated | VAT Rated |
|---|---|
| Timetables | Postcards |
| Travel Brochures | Posters |
| Presentation Folders | |
| Price Cards and Tags |
What printed items are VAT exempt?
As a broad rule of thumb this is true for all items that you write on such as stationery, greetings cards, forms, postcards and invitations etc. Promotional or information items of print are zero-rated, meaning they are completely free of VAT. These include, brochures, leaflets, pamphlets and books.
Are newspapers VAT exempt or zero rated?
Zero-rated items are goods on which the Government charge VAT but the rate is currently set to zero. The goods covered by this classification are items such as children’s clothes and footwear, water, basic foods, books and newspapers.
Do newsletters have VAT?
Pamphlets, Folded Leaflets, leaflets, flyers, newsletters, newspapers, brochures, booklets, books, magazines, catalogues, directories, manuals, sheet music, maps and timetables. These are the items that require VAT to be paid at 20%.