VAT rate increases to 20%

As announced in last years emergency budget, with effect from the 4th January 2011, the standard rate of VAT will increase to 20%.

We remind you to amend your invoice templates, bookkeeping software, EPOS & till systems, takings records etc. If you operate the VAT Flat Rate scheme, then these rates are also changing and are listed on the HMRC web site. If in any doubt to which rate of VAT to apply during the changover date, then we recommend clarifying with your accountant.