VAT Changes January 2010 - Change to 17.5% Rate

On January 1st 2010 the standard rate of vat will revert to 17.5%.

IT IS ESSENTIAL THAT ALL DATAFILE USER SYSTEMS ARE UPDATED FOR THEIR VAT RATES.

The simple guide is:

1. Change your standard vat rate to 17.5% from 15% in the Manager first thing on first day back after the new year, or when you are ready to start invoicing in January.

2. Set up a new tax entry e.g. L (for lower rate) at 15% to cater for late purchase invoices and any sales credits you may have to do for supplies in 2009.

3. Check that your invoice documents say VAT at the standard rate or use the VAT table, rather than having 15% written in the document.

4. If you have retail prices for your stock / products then please read the documents below.

There is no need to update your Datafile programs for this change. Changes in the VAT rate are catered for by the standard programs.

Datafile systems are very flexible and there are various invoicing packages available. More detailed notes, including those issued by HMRC are provided below in PDF format.

VAT_A_Datafile_Checklist.pdf

VAT_Updating_Your_VAT_Table.pdf

VAT_POP_Invoices_and_SOP_Credits.pdf

VAT_Stock_Prices_Inclusive_of_VAT.pdf

VAT_Order_Processing_VAT_Values.pdf

HMRC_ A_Detailed_Guide_for_Business.pdf

EC VAT Changes January 2010 - Service Sales and Purchases

On January 1st 2010 changes occur in the VAT treatment of EC Service sales and purchases

Affected users MUST update their Datafile programs to version F19. These files can be downloaded from our website via a link provided by your reseller. More detailed notes, including those issued by HMRC are provided below in PDF Format.

VAT_Point_of_Supply_of_Services_within_the_EC

HMRC_Place_of_Supply_of_Services