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Major Changes to VAT
Major Changes to VAT
On 1 January 2010 the standard rate of VAT reverts to 17.5%.
lecister,,
altrincham,,
United Kingdom
(prbd.net)
24/12/2009
"Accountancy in Milton Keynes, Accountants Milton Keynes, Bookkeeping Milton Keynes"
In 2010 three major changes to VAT will be introduced.
1. VAT rate
On 1 January 2010 the standard rate of VAT reverts to 17.5%.
2. VAT registered businesses
The VAT rules for businesses who:
-Supply services to or receive services from overseas businesses
-Supply goods to other EC countries
-Reclaim VAT incurred in another EC country are all affected
3. VAT filing and payment arrangements
Under government proposals, from 1 April 2010 the way some businesses file their Vat returns and pay any VAT due will also change:
-All VAT registered businesses with a turnover of £100,000 or more (excluding VAT)
-All businesses newly registering for VAT, whatever their turnover must file their VAT returns online and pay any VAT due electronically. If your business falls into either if the above categories, the changes apply to all returns covering accounting periods beginning on or after 1 April 2010 and HMRC will no longer issue paper returns for these periods. Filing returns on paper will still be an option for the remaining VAT registered businesses, but this will be reviewed in the run up to 2012.
How to file online
VAT registered businesses can file online using either HMRC’s software or a commercial product (which may interact with your internal systems, extend to cover bookkeeping and offer other helpful facilities).
Benefits of using the VAT online service
A major benefit of paying electronically is the additional time for most businesses to pay any VAT due and to file their VAT return, usually up to 10 days.
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A young progressive firm of accountants that offer an unrivalled professional service in a cost effective manner. They offer much more than just accountancy, such as bookkeeping, tax advice, payroll and much more.For further information, please visit our website at http://www.connollyholmes.com/index.htm
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