Deadlines

 VAT Changes for 2010

As of 1st January 2010 there were three important changes made to VAT.   To ensure that you are fully aware of the implications of these changes and what they mean for your business, please read the following information.

1)  If you are registered for VAT

In December 2008 the standard rate of VAT was reduced to 15%.  The rate returned to its fomer level of 17.5% on 1st January 2010. 

As a VAT registered business you must apply the rate of 17.5% to all supplies of standard rated goods and services made on or after that date.

2)  If your annual turnover is £100k or more

From the 1st April 2010 all businesses with an annual (VAT exclusive) turnover of £100,000 or more must file their VAT returns online.  Any business registering for VAT on or after that date, whatever its turnover, will also have to file returns online. 

3)  If you trade with overseas businesses

There have been major changes to the Cross-Border VAT rules applying to goods and services.  These affect where, how and when VAT is accounted for; completion of EC Sales Lists for goods and services; and reclaiming VAT incurred in another EU country.  These changes took effect from 1st January 2010.

Tax Planning

5th April 2010.   Please contact us for year end tax planning.