Thompson Balch - Chartered Accountants and Business Advisers - Based in Milton Keyes
Chartered Accountant Tel 01908 262646
Key Services - Payroll, Annual Accounts, Tax Returns, VAT returns
Income Tax Bands, Income Tax Allowances, Tax Credits & Child Benefits, Pension Premiums, ISAs, Car, Van & Fuel Benefits, Tax Free Mileage, Capital Gains Tax, Corporation Tax, Stamp Duty & Stamp Tax ,Inheritance Tax, National Insurance, Social Security Benefits, Value Added Tax, Capital Allowances, Key Tax Dates
Testimonials - Client Reviews

 

Please click on the links below for
more information:-
Budget Summary
Personal Tax
Corporate/Business Tax
Pensions Tax
Employment Issues
Capital Taxes
VAT
HMRC powers
Other Matters

VAT and other matters

 

VAT: change of standard rate

The standard rate of VAT was raised 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.

Comment
An increase in the standard rate was widely forecast. Unsurprisingly, draft legislation has also been issued setting out anti-avoidance measures to deal with transactions aimed at forestalling the increase in rate.

 

VAT Flat Rate Scheme

The VAT Flat Rate Scheme simplifies VAT for businesses with an annual turnover (VAT exclusive) of up to £150,000. The percentages used in the scheme changed from
4 January 2011 to reflect the increase in the standard rate of VAT.

 

VAT: detailed changes

As previously announced changes will be made early next year to:

  • the VAT recovery on mixed use assets
  • the place of supply rules for natural gas, heat and cooling
  • the definition of aircraft that can be supplied at zero rate
  • certain postal services provided by Royal Mail.

<back to top>