Stratford-upon-Avon
13 The Courtyard
Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP
Businesses in the vaping sector are reminded that the new Vaping Products Duty and the Vaping Duty Stamps Scheme will take effect from 1 October 2026. HMRC is urging manufacturers, importers, wholesalers and retailers to make sure they are ready for the introduction of the Vaping Products Duty and the associated Vaping Duty Stamps Scheme.
Vaping Products Duty is intended to form part of the government's wider measures to tackle youth vaping, improve public health and support its ambition to create a smoke-free generation. The duty is expected to raise more than £550 million a year by 2030–31.
The new rules will affect the supply chain in different ways. Businesses that manufacture vaping products or handle products under duty suspension need to ensure they have the necessary HMRC approvals before the new regime begins. Retailers and wholesalers should check with their suppliers that the products they stock meet the new requirements.
UK representatives and warehousekeepers can buy transitional duty stamps until 30 November 2026 and affix them until 31 December 2026. From 1 January 2027, only digital duty stamps can be affixed to vaping products. Retailers and wholesalers can also continue to sell eligible unstamped vaping products already held before the new rules take effect until 31 March 2027. This gives businesses some time to adjust their stock and supply arrangements. From 1 April 2027 all vaping products sold or supplied in the UK must carry a valid stamp.
Consumers will also start to see changes to vaping product packaging from October. New rules will apply to travellers bringing vaping products into the UK for personal use from 1 October 2026. There are different rules for travellers entering Great Britain and Northern Ireland.
HMRC has warned that businesses failing to comply with the new requirements could face civil or criminal sanctions.
Grenfell James Technology Adoption Index
How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:
1.
How does your business receive invoices?
A)
Invoices are mainly received in paper form
B)
Invoices are mainly received by email
C)
Invoices are emailed then automatically forwarded to a designated mailbox
2.
How are purchase invoices processed?
A)
Invoices are entered manually
B)
Invoices are attached to manually raised invoices
C)
Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices
3.
How are accounts processed?
A)
Using Excel/paper-based
B)
Using Computer-based, offline software
C)
Using cloud-based accountancy software
4.
How often is business data revised?
A)
Data is updated annually
B)
Data is updated quarterly
C)
Data is updated monthly or more often
5.
How is banking updated for your business?
A)
Banking is updated manually
B)
Banking is updated by imports
C)
Banking is updated via a live feed
6.
How are bank payments made?
A)
Bank payments are manual
B)
Bank payments are made using bulk imports
C)
Bank payments are made directly via accounting software
7.
How are bank receipts reconciled?
A)
Receipts are chased and reconciled manually
B)
Receipts are chased and reconciled automatically
C)
A third-party platform is used to chase debts and collect fees
8.
How often are management reports produced?
A)
No reports are provided
B)
Reports are provided but often too late to be valuable
C)
Reports are automated with real-time information
Score 8-12:
Curious Exploration
Your financial technology phase is Curious Exploration
% of respondent businesses are in this phase too.
Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.
Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.
Score 13-19:
Measured Discovery
Your financial technology phase is Measured Discovery
% of respondent businesses are in this phase too.
Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.
Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.
Score 20-24:
Bold Innovation
Your financial technology phase is Bold Innovation
% of respondent businesses are in this phase too.
You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.