There are three important changes to the VAT system kicking in from 1st January 2010. Don't worry though, as ever we will ensure that you comply.
(1) The standard rate of VAT is returning to 17.5%. All invoices on the Portal will automatically apply the correct rate at that point.
(2) There are changes to the way businesses have to account for VAT on trade with overseas businesses. We regard this as meaning the company you invoice which in most cases is likely to be a UK agency, but if in doubt ask us when VAT returns are due from April onwards (i.e. the end of the VAT quarter commencing 1st January).
(3) As from 1st April all businesses with a turnover in excess of £100,000 have compulsorily to file VAT returns electronically. We are in the process of developing a system to apply to all our Premier clients and will be piloting in April to roll out across the board in June 2010.