Happy New VAT Year!
Sat, 19 Dec 2009 11:45:00
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The standard rate of VAT, which fell temporarily to 15%, is due to go back up to 17.5% from the start of the New Year. HMRC recognise that the change may cause problems for certain businesses at a particularly busy time of year, and has announced a measure designed to help. Special accounting arrangements for businesses operating beyond midnight on 31 December 2009 effectively defer the start of the new VAT rate for some traders. These mean that pubs, clubs, restaurants and other retail businesses remaining open past midnight on New Year’s Eve will be allowed to continue charging VAT at 15% on their sales until they close or until 6am on 1 January 2010, whichever is the earlier.  |
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