All Newspapers are 0% VAT.
Some magazines, periodicals and One -Shots are also 0% rated.
All annuals are rated as free from VAT and are charged to you with 0% VAT applied.
Retailers that do not correctly identify those titles that do not attract 9% or 23% VAT and allow incorrect or incomplete details to be entered into a VAT-liable-category are creating an unnecessary VAT liability for themselves.
Check your delivery dockets and make note of the zero-rated titles and ensure that they are listed accordingly.
We are providing you with an example of the loss you incur on every occasion you incorrectly place a 0% rated product into the 9% column.
The bottom line is that your 25% margin is slashed to 16.7%!!!
