VAT Changes on 1st January 2010
October 2009
As you may be aware, some EU VAT changes become effective on 1st January 2010. We thought it timely, therefore, to mention the raft of changes that are coming our way. The changes are summarised below with some links to the relevant HMRC web pages.
- Reversion of VAT rate to 17.5%. Further details on the VAT rate change can be found at http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-rise-guidance.pdf . Please note that special rules apply for goods or services delivered or invoiced across the 1st January date.
- New format for the EC Sales List, new reporting frequencies, shorter deadlines for reporting. Please note that the first new format EC Sales List will need to be submitted by 14th February 2010. Full details of the changes and the qualification criteria for submitting EC Sales lists can be found at http://www.hmrc.gov.uk/vat/ec-sales-lists.pdf .
- New (Reverse Charge) VAT rate for services traded with other EU countries including new tax point definitions http://www.hmrc.gov.uk/vat/cross-border-changes-2010.htm .
HMRC have indicated that they will be pro-actively publicising the changes to VAT traders over the next few months. We hope to advise you of their communication plans in our newsletters when we receive more detail.
We hope this information is useful. If you subscribe to Diamond Discovery Support, we will gladly assist you with implementing these changes in your software as required.
Return to category: Newsletter: Brilliant News - October 2009