News
VAT Changes - From 1 January 2010
11th December, 2009
Standard VAT Rate Increase on 1 January 2010
The standard rate of VAT, which fell temporarily to 15% from 1 December 2008, will go back up to 17.5% on 1 January 2010.
To help you with the many questions and queries that you may have, H M Revenue & Customs has now issued guidance on how you should account for the increase in the VAT rate.
We strongly recommend that you visit the H M Revenue & Customs website to make sure that you know how to deal with the VAT rate increase correctly and how it will affect your particular type of business.
VAT Flat Rate Scheme – Changes to Percentages from 1 January 2010
The VAT Flat Rate Scheme percentages have now been re-calculated to reflect the increase in the standard rate of VAT to 17.5% from 1 January 2010.
A full list of the revised Flat Rate percentages is available to download from H M Revenue & Customs website.
If you require any further information regarding the above, please contact your account manager at Morgan Harris on 01993 700010.
Tina Roberts
Morgan Harris
