Thursday, 3 December 2009

New Year brings New VAT Rate

Starting from 1 January 2010 new VAT rates apply, shifting from 15% in 2009 to 17.5% in 2010.

HMRC has provided a detailed guide along with several PDF documents linked from the same web page to help businesses that need to be particularly careful with the shift. These businesses include:

  • Retailers
  • Businesses that issue VAT invoices
  • Businesses operating beyond midnight on 31 December 2009

For each of these categories HMRC provides a separate PDF document available online. There are also certain types of services that require special attention to the changing VAT rates. They include:

  • Services you start before 1 January 2010 but finish afterwards
  • Continuous supplies of services

Author: The Away PA

The Away PA provides an "on demand" secretarial and business support service in conjunction with it's online office "Head Office". To find out more about how you can take advantage of a fully supported office, anywhere, any time, visit the Head Office website or The Away PA Website or email or telephone 08450 527565.

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