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2012 Budget - VAT

The government has introduced VAT for a number of new purchases including 'sports nutrition drinks'.

The changes mean that VAT will now be liable on self storage facilities, on the sale of hot food, cold food eaten on a company's property, sports drinks, holiday caravans and the rental of hairdressers' chairs.

The VAT registration threshold will also be raised from £73,000 to £77,000 and the deregistration threshold from £71,000 to £75,000.

Other notable changes include the introduction of a 'voluntary schme for car and boat dealerships' to report sales of adapted motor vehicles and the removal of charitable buildings from the list of buildings that can receive a reduced rate for the 'supply and installation of energy-saving materials'.

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