Exmouth traders must prepare for tax hike
EXMOUTH’S traders are being urged to prepare for the hike in VAT.
EXMOUTH’S traders are being urged to prepare for the hike in VAT in January.
Retailers must charge the new 20 per cent rate on all standard-rated takings received on or after 4 January 2011.
But if a customer pays on or after that date for something they take away or have delivered before 4 January, the sale takes place before the rate change and the 17.5 per cent rate should be used.
Retailers who use electronic tills will have to re-programme them, so that the correct VAT rate is calculated and shown on till receipts.
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HM Revenue & Customs (HMRC) Director of CT & VAT, Jim Harra, said: “With the Christmas and New Year holidays almost upon us, businesses must be ready to implement the increase to the standard rate of VAT.
“Don’t leave it until the last minute to make any necessary changes to your book-keeping and accounting systems including invoicing and tills. You also need to make sure your staff are fully aware that the new 20 per cent rate must be charged from 4 January.”
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General information about the VAT rate change can also be found online at www.businesslink.gov.uk/vatratechange.