Struggling with the VAT rate changes? County Durham accountants, MacLean Fisher Tait are here to help, even if you require accountancy services in London, or elsewhere in the UK - we can help.
From Monday 1st of December 2008, for a period of one year, the standard rate of V.A.T. has been reduced by 2.5% to 15%. After this period, it is expected to return to 17.5%. The 5% reduced rate will remain unchanged.
Your requirements under the V.A.T. rate changes
On all valid V.A.T. sales invoices, you will be required to state the new standard rate of V.A.T.
Take care to ensure all purchase invoices record the new standard rate, as you will only be able to reclaim 15% on your V.A.T. return.
Help with the VAT Rate changes
MacLean Fisher Tait are an experienced firm of County Durham accountants, including an ex HMRC Tax Inspector. We invite you to arrange a free meeting with us, where a director will discuss the changes with you, and explain how we can help you make the most out of the VAT rate changes.
What else changed?
There have been many other changes, including changes to National Insurance, Income Tax and Corporation tax. If you need to discuss how these changes will affect your personal circumstances, then please contact us.