The standard rate of VAT will increase from 17.5% to 20% with effect for any supply made on or after 4 January 2011. The rate change does not affect either zero-rated supplies nor those supplies subject to VAT at the 5% reduced rate.
Detailed guidance has been issued by HMRC for businesses on implementing the change. If you would like advice on how to implement the change for your business please do get in touch with Kumar Strategic Business Consultants.
Kumar Strategic Consultants was established in 1985 and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike. We have many clients in the local community and service businesses, small and large, across many sectors.