Some private schools 'will be caught out', an insider warned, as fees paid before January will be subject to VAT straight away
Some private schools 'will be caught out', an insider warned, as fees paid before January will be subject to VAT straight awayParents may face increased pressure to meet private school fee deadlines as documents from HMRC reveal a new “urgent” payment date for Labour’s promised VAT policy.
Neil Roskilly, who ran the Independent Schools Association from 2010 to 2021 and now advises schools, said the HMRC documents this week “close off some potential loopholes” by clarifying that prepayments before 1 January are subject to VAT at the time the payment is received. “One of the things schools will be looking very closely at his cash flow. Getting fees in is always tricky at the start of term… debtors can build up. It just puts more pressure on schools, unfortunately.”
Mr Main said schools will have to start tracking their turnover “immediately” from Budget day to make sure that they understand the date on which they need to register for VAT.
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