| VAT returns to 17.5% in January |
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Chancellor Alistair Darling has confirmed in his pre-budget report that VAT will return to 17.5% on January 1, 2010. The move had been widely expected by retailers, although some were trying to persuade the Government not to impose it on January 1. VAT was reduced to 15% last year as Darling introduced a range of measures in an attempt to prop up the UK’s ailing economy and a crisis in consumer confidence. In his November 2008 pre-budget report Darling announced that the 15% rate would start on December 1, 2008 and would revert to its original rate after December 31 of this year. If you run RMS, here are two useful links that show you what you need to do in order to effect this change in the application: |
