A New Year and a new VAT
The VAT rate will be increased to 20% on January 4th, 2011
The standard rate of VAT is currently 17.5% but will be increased to 20% on January 4th, 2011.See how to change the VAT in your agreement with detailed text and pictures in our E-copedia.
Change on January 4th
According to the HM Revenue & Customs any sales of standard-rated goods or services made on or after January 4, 2011 must be charged VAT at the 20% rate.The good news is that the change only applies to the standard VAT rate. Zero-rated VAT, reduced-rated VAT and VAT exemptions are unaffected by this change.
At HM Revenue and Customs you can find more information about the new VAT rules.
The VAT rate will be increased from 17.5% to 20% on January 4th, 2011.
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E-conomic is an online accounting system used by more than 48,000 companies and 4,100 accountants worldwide - from sole practitioners to large accounting firms. The system is flexible and easy to use, and you can give your accountant free access.