Saturday 19th May 6:48 AM
Increase in the Standard Rate Of VAT
The standard rate of VAT will increase from 17.5% to 20% with effect for any supply made on or after 4 January 2011. The rate change does not affect either zero-rated supplies nor those supplies subject to VAT at the 5% reduced rate.
Detailed guidance has been issued by HMRC (H M Revenue & Customs) for businesses on implementing the change. If you would like advice on how to implement the change for your business please do get in touch.
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