Bepro News – 16th December 2009 |
| New VAT changes for 2010 and how they affect you |
| From 1 January 2010 there are three very important changes to VAT. You’ll need to be fully aware of the implications of these changes; what they mean for your business, what you need to do and when. |
| 1. If you’re VAT registered |
| The standard rate of VAT was reduced from 17.5% to 15% last year and it due to return to its former level on 1 January 2010. If you are a VAT registered business you must apply the 17.5% rate 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 1 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 will also have to file online, whatever its turnover. |
| 3. If you trade with overseas businesses |
| If you trade with overseas businesses, there are 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 take effect from 1 January 2010. |
Advertisement
