VAT Increase from January 4th 2011

VAT Increase from January 4th 2011

December 14th 2010 8:22 pm

general

Just a quick reminder - the current 17.5% VAT rate will be increasing to 20% from January 4th 2011. This means anything st ...

By Ray Arman

1,209 views

Just a quick reminder - the current 17.5% VAT rate will be increasing to 20% from January 4th 2011. This means anything standard rated that is sold on or after this date should have VAT applied at the new 20% rate. Where you have provided an invoice after the 4th January date, but provided the goods or service before - you are allowed to charge the old 17.5% rate. If you issue the invoice or received payment before the 4th January date, but provide the goods/service after - you can charge the VAT as either 17.5% or 20%. The reduced 5% VAT rate will remain unchanged. If we don't update our blog again before the end of the year -
Merry Christmas and Happy New Year From Everyone at TaxPenny!

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