20% VAT Changes 4 January 2011
You will no doubt be aware that the standard rate of VAT is being increased on 4 January 2011 from 17½% to 20%. To help you implement this change. H M Revenue & Customs (HMRC) have issued a helpful guide on the internet, you can access it on their website - http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-increase.htm.
The key points to note are:
If you use electronic methods to record your transaction, changes will need to be made, preferably as soon as possible after you open for business today. Further details at the foot of this page.
We are here to help you implement these changes, and please do not hesitate to contact us if you are in any doubt about what to do.
Please also remember that if you do make a mistake, small errors can be corrected on the next VAT return. If you make a large error (more than £10,000 of VAT), this can be disclosed separately without penalty, although interest will normally be charged if you have underpaid VAT. Further information can be found on the HMRC website link above.
We hope you find this information helpful, if you do require any assistance with these VAT changes or VAT in general then please do not hesitate to contact David Meredith, Carolyn Gore or Debbie Nelson-Gracie, details are on our Contact Us page.
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