New VAT Flat Rates Announced

16 December 2009

As well as the standard rate of VAT reverting back to 17.5% as from the 1st January 2010, there will be changes to the flat rates across all business sectors.

HMRC have taken the opportunity of the VAT rate change to review the flat rates applicable across all business sectors.

The latest rates which are effective from the 1st January 2010 can be found on the HMRC website here

First Year Reduction

The reduction of 1% for the first year of registration still applies.