VAT Changes for 2010
There are a number of VAT changes taking effect from 2010 which will affect all businesses and consumers.
Firstly, the standard rate of VAT is due to return to its previous level of 17.5% from 1 January 2010 instantly increasing the cost of products and services from VAT registered businesses by 2.5%. This will affect the VAT Flat Rate Scheme percentages that each business sector is using and a detailed list of the new percentages can be found HERE.
Also, with HM Revenue & Customs growing reliance on automatic systems, VAT Returns must be submitted online for the majority of businesses from April 2010.
This is not as daunting as you may think but are you ready for this?
If you would like further advice about these or any other VAT issue, please contact our VAT team who will be more than happy to assist, alternatively more details of these and other changes can be found in our VAT Newsletter within our VAT Services section.