Back in November 2008, the Chancellor announced in his Pre-Budget Report that the standard rate of VAT would be reduced to 15% on 1^st December 2008.  The 15% rate is due to end on 31^st December 2009, and from 1^st January 2010 it will revert to 17.5%.

This is one of three key changes instigated by HMRC that will soon be in effect – all of which will affect small businesses.  So from 12^th October 2009 right up until the end of the year, Sage’s Small Business Division will be contacting users of Sage software, to provide support for the following HMRC changes:

• Reversion of VAT rate to 17.5% from 1^st January 2010
  Further details on the VAT rate change can be found at the HMRC website here
• New format for the EC Sales List, new reporting frequencies and shorter deadlines for reporting
  Full details of the changes and the qualification criteria for EC Sales List submissions can be found at the HMRC website here
• Changes to VAT filing
  Find out which businesses will have to submit their VAT returns online at the HMRC website here

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