Online News - Business News - Date: July 2010
Standard Rate of VAT to Increase
It is proposed to increase the standard rate of VAT from 17.5% to 20% with effect for any supply made on or after 4 January 2011. The rate change does not affect either zero-rated supplies nor those supplies subject to VAT at the 5% reduced rate.
Detailed guidance has been issued by HMRC for businesses on implementing the change.
Links: HMRC Budget note HMRC guidance
For further information, please contact us on 03332 401 333 or email enquiries@kirknewsholme.co.uk
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