VAT changes for 2010
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VAT rate updated to 17.5%
With effect from 1 Jan 2010 the VAT rate returns to the once customary level of 17.5%. It was temporarily reduced to 15% on 1 Dec 2008 as part of the government’s financial stimulus.
All VAT registered businesses will need to charge VAT at 17.5% when appropriate on invoices raised from 1 Jan 2010.
VAT returns on line - soon to be compulsory
In their recent VAT update leaflet, HM Revenue & Customs have told us that all VAT returns will (in future) have to be submitted electronically. We’re not going to wait for the rule to start in 2010/11, we’re going to make progress now! We have three months to go before the end of the 2009/10 tax year and we are writing to the affected clients now. If you’re not yet a client and you want to understand what’s involved with online VAT, check this earlier article.
Posted on 29 Dec 2009 by The Proactive Accountant Dot Com
