by Stuart McLean
1. December 2010 07:07
In the UK, the standard rate of VAT (T1) is to change to 20% from 4 January 2011. As with the changes over the previous two years, Fusion Accounts users will need to do nothing!
The new VAT rate will be available for your financial transactions from 7 December 2010 for any transactions that you are preparing now that require the new rate.
From 4 January, unless you indicate otherwise, all products having a 17.5% rate will be changed to a 20% rate as will any other defaults using this rate.
For more information on the rate change please refer to HMRC.
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