Tag Archives: vat changes

VAT going up!

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.
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