VAT rate reverts to 17.5%
31 Dec 09 - Accounting
From January 1st 2010, the standard rate of VAT reverts to its former level of 17.5%. All VAT registered businesses will need to apply this rate to all sales of standard rated goods and services taking place on or after 1st January 2010. Please do bear in mind however that if you provided or delivered goods or services to your customers in 2009, but did not actually invoice until the New Year, then the former rate of 15% applies. Please do not hesitate to contact the iC office for advice if you are unsure during the transitional period.