News

The forthcoming rise in VAT is something that every business has to be prepared for. This is especially the case if you are registered for VAT and you have to prepare a VAT return on a regular basis for the taxman.

The biggest item of news regarding VAT in recent weeks has come courtesy of the emergency Budget from the new coalition government. There cannot be many people now who don’t know that the rate of VAT will soon go up to 20%, from the current rate of 17.5%. For many people this will be the highest rate of VAT in living memory.

You must have been living under the proverbial rock for the past few months not to have heard about the new launch of the Apple iPad. But whatever you think about this particular piece of kit from Apple, the biggest news is arguably the prices that buyers in the UK have had to pay for it.

In last month’s report we mentioned the possibility of the rate of VAT staying the same after the General Election took place on the 6th May. However in the interim there have been other reports which have taken this idea in a very different direction.

We are in the midst of election fever once again. On the 6th April the Prime Minister officially announced that the General Election would take place on the 6th May this year. Now we are in for a month of deliberation and heavy campaigning before Election Day itself takes place.