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BUDGET 2010 VAT MEMO 2010-2011 |
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Newsletter Issue 1 |
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June 2010 |
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In this issue… Output tax Enforcement Simplified accounting schemes » Flat rate scheme percentages As previously announced
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185 PARK STREET BANKSIDE LONDON SE1 9DY (T) 020 7803 4666 (F) 020 7803 4699 |
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The VAT standard rate increase to 20% on 4 January 2011 is the obvious headline of this Budget. But having dealt with rate changes in December 2008 and January 2010, taxpayers will not be shocked or surprised by this one. The VAT fraction will become 1/6 when the new rate takes over. One proposed change that will have a real effect is the replacement of default surcharge with separate penalties for late filing and late payment; this is to happen from a date yet to be announced and because of the systems changes it will necessitate for HMRC it is unlikely to impinge without significant warning. |
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Disclaimer This newsletter is provided on the understanding that the information contained within it is for guidance only, and that the publisher is not in business to provide legal or accounting advice or other professional services. Readers entering into transactions on the basis of, or otherwise relying on, such information should seek the services of a competent professional adviser. While every care has been taken to ensure the accuracy of the contents, the editors and the publishers cannot accept responsibility for any loss occasioned to any person acting or refraining to act as a result of any statement in this newsletter. |