On 4 January 2011 the standard rate of VAT increased from 17.5% to 20%.
For those of you who may have missed our previous notices about this change, and its effects, you may like to download HMRC’s comprehensive guide on the change that can be found at:
http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-rise-guidance.pdf
Readers should also re-examine their use of special VAT schemes that they may presently be using. It’s by no means a certainty but there may be circumstances when your present choice of special scheme may no longer be appropriate.
The schemes include:
- Cash Accounting
- Flat Rate Scheme
- Annual Accounting
And of course there are opportunities to combine the benefits…
If you need assistance or advice with regard to the change, or if you would like a review of your VAT special scheme strategy, please do call.
Peter Taaffe
Managing Partner
