November 2009

VAT changes for 2010

Standard VAT Rate

The standard rate of VAT will return to its former level of 17.5% on 1 January 2010 and this rate must be applied to all supplies of standard rated goods and services made on or after that date.

Online Filing

From 1 April 2010 all businesses with an annual VAT exclusive turnover of £100,000 or more must file their VAT Returns online. Any businesses registering for VAT on or after that date will also have to file online whatever its turnover.

Overseas Businesses

If you trade with overseas businesses, there are major changes to the Cross-border VAT rules applying to goods and services. These affect where, how and when VAT is accounted for and once again come into effect on 1 January 2010.