It has been revealed that just 992 obligated UK businesses signed up to pay the plastic packaging tax (PPT) in the first month of registrations.
Introduced on the 1st of April 2022 the Plastic Packaging tax is designed to encourage the use of more recycled plastic and applies to plastic packaging produced in, or imported into, the UK and that does not contain at least 30% recycled plastic.
HM Revenue & Customs (HMRC) estimated that 20,000 businesses would be affected by the new tax, and a revenue forecast of £235m from the first year of PPT. With a 5% registration rate, the estimated revenue is unlikely to come to fruition for 2022/23.
Many businesses remain unaware of the tax or unsure of its scope however, these businesses are responsible for the due diligence on their products and supply chain. Businesses can be held jointly liable with customers or suppliers who fail to pay the tax.
At Clarity we ensure that our members are completely tuned into all policy changes and our expert Account Managers are there to support on said changes, how they may affect your specific business and ensure complete compliance at the lowest possible cost.