ICAEW concerned by burden of plastic packaging tax

In its response to HMRC’s consultation regarding plastic packaging tax, ICAEW noted that compliance costs often exceed the tax liability. ICAEW welcomed HMRC’s recent consultation to consider whether a ‘mass balance approach’ would allow more chemically recycled plastic to be used in plastic packaging, such that it qualifies for relief from plastic packaging tax (PPT). […]

HMRC consults on changes to plastic packaging tax

The consultation explores the application of a mass balance approach to determine the amount of chemically recycled plastic in plastic packaging. Plastic packaging tax (PPT) is not charged on plastic packaging components that contain at least 30% recycled plastic. In theory, chemically recycled material can contribute to meeting this 30% requirement. In practice, the way […]

Plastic packaging tax: detailed HMRC guidance on penalties

The penalties cover failing to register, submitting a late return, late payments and failing to meet other requirements of plastic packaging tax. On 14 April 2023, HMRC published detailed guidance on penalties applied to businesses that fail to comply with their plastic packaging tax (PPT) obligations.   The penalties cover:  failure to register or late registration; […]

Plastic packaging tax proposed invoicing requirements scrapped

The requirement for a business to include a statement within an invoice to show that plastic packaging tax has been paid will no longer be introduced. It has long been HMRC’s intention to introduce a mandatory statement with an invoice to show that plastic packaging tax (PPT) has been paid. Originally this requirement was due […]