VAT changes 1st Janaury 2010
Changes to Standard Rate VAT
All businesses registered for VAT will have to change their standard rate from 15% back to 17.5% from January 1st 2010.
Zero rated supplies, such as basic foodstuffs, children’s clothing and books, exempt supplies, such as education and health, and supplies subject to VAT at 5%, such as domestic fuel and power are not affected by this change.
In order to achieve this in your E-conomic subscription simply click here and follow these steps
If you are on the Flat Rate Scheme then the percentage VAT you pay may be changing. Simply enter the revised rate in the box provided when running your VAT return.
Changes to EC Sales Lists
In the past you have only had to declare sales of products that you make to customers in other EC states now services are to be included and shown on your EC Sales list within E-conomic.
If you require any further information on how these changes effect your business please contact your local HMRC office or go to www.hmrc.gov.uk
Posted by Jacqui Sullivan
