In a few weeks, the UK's standard rate of VAT will go up to 20%. Richard Wild suggests ten way to ease the pain of the rate rise
Another year another VAT rate change; although the 20% rate seems likely to be with us for the foreseeable future. Whilst some of last year’s issues will fortunately be absent for much of the UK 4 January will be the first working day of 2011 so suppliers may need to ensure they are all set for the changeover even before they close for Christmas. The following points are designed to provide some useful reminders of the issues which should be considered both by businesses and consumers.
1. Accounting and IT systems
One of the biggest issues for suppliers is ensuring that point of sale IT and other accounting systems are ready; not only to ‘flip...
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In a few weeks, the UK's standard rate of VAT will go up to 20%. Richard Wild suggests ten way to ease the pain of the rate rise
Another year another VAT rate change; although the 20% rate seems likely to be with us for the foreseeable future. Whilst some of last year’s issues will fortunately be absent for much of the UK 4 January will be the first working day of 2011 so suppliers may need to ensure they are all set for the changeover even before they close for Christmas. The following points are designed to provide some useful reminders of the issues which should be considered both by businesses and consumers.
1. Accounting and IT systems
One of the biggest issues for suppliers is ensuring that point of sale IT and other accounting systems are ready; not only to ‘flip...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
