Hi everyone. Below is this week's News round up from the Tewkesbury Chamber of Commerce, including some key information regarding this Friday's VAT Change and what local businesses need to know.
Below are contact details for any VAT - related queries, as well as a link to the HMRC Website.
VAT rate change
Q: When does the change in VAT rate take effect?
The new VAT rate takes effect from Friday 1st January 2010
Q: I need help to calculate VAT, what is the new VAT Fraction?
The VAT fraction for gross receipts at 17.5% is 7/47
Q: If I issue and invoice after 1st January 2010 for a supply made in December 2009, which rate of VAT should I use?
If you received payment for the goods or services before the actual supply took place, and the supply took place before the VAT rate changed, i.e. before 1st January 2010, you should charge, and account for, VAT at 15%. In this case, the VAT should have been included on the VAT return appropriate to the date of receipt of payment.
If payment was not received before the actual supply took place, and you are issuing the invoice within 60 days of the supply, the normal rules state that you should account for VAT at the invoice date, i.e. 17.5%. However, under the special change of rate rules, HMRC do allow you the option of charging VAT at the rate applicable at the date of the supply (the Basic Tax Point), i.e. 15%. This may assist customers that are unable to recover VAT.
Anybody wishing for further advice should contact HMRC should either call
0845 010 9000, or follow this link http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-changes.htm#1
Chamber members are rewarded
Longstanding Chamber members, JP Construction Group, based at Green Lane Business Park, have been awarded the Institute of Management Automotive Construction Specialist Company 2010 Award. JP Group was founded by John Parrott in 1969 and is renown for its high quality commercial, industrial and retail construction projects. The Institute of Management commented that JP Group place a strong emphasis on rapid, effective problem solving and catered for the unique requirements of each client.
Congratulations to everyone at JP Construction on winning this award, which is certainly a real boost for the Tewkesbury business community and local economy.
Happy New Year from Tewkesbury Chamber Of Commerce!
If you would like to get in touch with the Chamber please email secretary@tewkesburychamber.org.uk
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Hi. We are Trehane & Debbie and together form thebestoftewkesbury. We are keen to hear from anyone interested in becoming a blog author on this site. Please feel free to contact us to discuss further.
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