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Major VAT Changes in January 2010
From 1st January 2010, a large number of legislative changes are being introduced which have the potential to impact your business, including:
EC Sales List
The format, frequency and deadlines for submission are all changing.
Trading Services With The EU
If you buy and sell a material level of services with other EU countries, then new VAT rules come into effect from 1st January. Your software will need updating to cater for these new requirements.
VAT Rate
From the 1st January, the VAT rate reverts back to 17.5% all invoices raised on or after this date, must use the new VAT rate. Although your Access Dimensions software will cope with the change in VAT rate, you may wish to upgrade to take advantage of some additional features which will help with the transition.
What Do You Need To Do?
The action that you will need to take depends upon the version of Access software that you are currently running. You may not need to make any changes to your software at all. In some cases, you may need a full software upgrade but in the majority of cases, a simple service pack may be all that is required
Major VAT Changes in April 2010
From 1st of April 2010 VAT returns will need to be made online for most businesses, to facilitate this our customers will need to download a service pack.
Who Has to Switch to Online VAT Returns?
You will have to submit your VAT returns online and pay VAT due electronically if either of the following applies
- You have an annual turnover of £100,000 or more (exclusive of VAT)
- You register or should have registered fro VAT on or after 1st April 2010 (regardless of turnover)
If you fall into either of the groups mentioned above, you will have to file all your VAT returns online (including nil and repayment returns) even if your turnover drops below £100,000 in the future.
If you are unsure what you should be doing to implement the January and/or April VAT changes please e-mail our Support Team who will be happy to help:
support@elitebusinessservices.co.uk
