News
Increase in the standard VAT rate
The standard rate of VAT was temporarily reduced to 15 per cent on 1 December 2008 and it will return to 17.5 per cent on 1 January 2010.
For any sales of standard-rated goods or services that you make on or after 1 January 2010 you must charge VAT at the rate of 17.5 per cent. If you have a cash business and calculate your VAT using the VAT fraction you must revert to the VAT fraction of seven fortysevenths from 1 January 2010.
The change only applies to the standard VAT rate. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions. Any sales you make at these rates are unaffected by this change.
Self Employed Tax returns due by Jan 31st, 2010
You will need to pay any tax due by 31 January after the end of the tax year covered by the return.
You may also have to make two payments on account for the tax year before the return for that year is due.
Payments on account will be made on:
* 31 January in the tax year and
* 31 July after the end of the tax year (six months later).
If these two payments amount to more or less than the tax which actually becomes due for that tax year, then a balancing payment (or repayment) will be due on the following 31 January. more