Pre-Budget Report 2009 - VAT
The key VAT issues from the Pre-Budget Report are as follows:
- Draft legislation has been published which sets out the proposed new penalties for late filing of returns and payment of VAT. This brings VAT into line with other taxes as part of the new tax penalty regime. HMRC are seeking comments on the draft legislation by March 2010.
- Businesses which operate the Flat Rate Scheme will be required to use revised percentages with effect from 1 January 2010. The new rates will reflect the increase in the standard rate of VAT back to 17.5% and changes in business patterns for certain sectors. Businesses should review the new rates to consider whether it remains beneficial to remain in the scheme.
- Bingo duty will be reduced from 22% to 20% in next year's Budget but no effective date has been announced.
Jane Stacey is a VAT adviser and a senior manager at Mercer & Hole. The views given in this blog are personal to the author, if you would like to discuss the contents of this post with Jane you can call her on 01727 869141.
Date: 9th December, 2009
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