|Exceed UK Limited
Newsletter December 2008
|Newsletter December 2008|
In our newsletter this month we have included a few practical tips for accommodating the reduction in the VAT standard rate to 15% on 1 December 2008, a note of the VAT consequences for house builders who rent out property, a reminder of the increased late filing penalties for companies and a commentary on the National Minimum Wage as it affects directors of small companies.
Our first newsletter for 2009 will be published on Tuesday 13 January.
|VAT 15% - practical guidelines|
The Chancellor announced a reduction in the standard rate of VAT to 15% from 1 December 2008. This reduction will be effective for a fixed period of 13 months. From the 1 January 2010 the rate will revert to 17.5%.
For VAT registered traders this creates a number of practical issues, some of which are highlighted in this article.
HM Revenue & Customs have published a comprehensive guide to the VAT change. You can download it at: http://www.hmrc.gov.uk/pbr2008/vat-guide-det.pdf. It is quite a large PDF document. If you need specific advice on any aspect of the change please call.
DISCLAIMER - PLEASE NOTE: The ideas shared with you in this email are intended to inform rather than advise. Taxpayers circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Exceed UK Limited
Bank House, 81 St Judes Road, Englefield Green, TW20 0DF
Tel: 01784 439 955 Web: www.exceeduk.co.uk
Exceed UK is a limited company registered in England & Wales (04330889). Registered for VAT (792 6771 79). Directors of the firm are members of the South African Institute of Chartered Accountants and the Institute of Chartered Accountants England & Wales.