As of the 1 January 2010 VAT is increasing from the current 15% back to the ‘normal’ rate of 17.5%.
This means that all goods and services will have an effective increase in price for the consumer of 2.5%.
This means for all invoices or cash sales after midnight 31 December 2009 will be at 17.5% (unless business is a a pub, club, restaurant or similar establishment, a retail shop or finally a provider of telecommunications which have transition rules on the 1 January 2010)
For more information on the changes please see the Revenue and Customs Brief 68/09 relating to the changes. http://www.hmrc.gov.uk/briefs/vat/brief6809.htm
DISCLAIMER – This blog is providing information as a news service. As with all VAT, Taxation and Accounting points please seek professional advice for your own personal or companies situation before taking specific action.
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