VAT rate increase
January 4th, 2011
The standard VAT rate increases from 17.5% to 20% on 4 January 2011. The old rate of 17.5% can be applied where work is performed before January 4 and the invoice is not raised until after the change. This is only relevant where your customer cannot reclaim the VAT for any reason (private individuals or exempt businesses).
Credit notes issued after 4 January relating to invoices with 17.5% rate should be at the 17.5% rate, ie the rate of the original invoice.
For details of flat rates, see http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5a
The content of this article is for general information only. It should not be relied on and action which could affect your business or personal circumstances should not be taken without appropriate professional advice.
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