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Major changes to VAT in 2010

On November 12, 2009 By

In 2010 three major changes to VAT will be introduced.

1. VAT rate
On 1 January 2010 the standard rate of VAT reverts to 17.5%

2. VAT registered businesses
The VAT rules for businesses who:

Supply services to or receive services from overseas businesses Supply goods to other EC countries Reclaim VAT incurred [...]

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VAT paper returns to be phased out

On November 6, 2009 By

VAT paper returns are to be phased out completely by 1st April 2010. VAT returns will instead be filed online and payments made electronically. This will apply to all newly registering business and also established businesses whose annual turnover exceeds £100,000.

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HM Revenue and Customs (HMRC) is in the process of contacting some half a million companies, advising them of important changes to the way that corporation tax is to be filed in the future.

The letter contains a leaflet that sets out details [...]

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