| Pre-Budget Report 2008 - VAT Rate Changes In his Pre-Budget Report on 24 November 2008 the Chancellor announced that the standard rate of VAT will be reduced to 15% on 1 December 2008. This means that for any sales of standard-rated goods or services that take place on or after 1 December 2008 providers should charge VAT at the new rate of 15%.The 15% rate will remain until 31st December 2009, and from 1 January 2010 it will revert to 17.5%.
What if I use a computer, VAT software or an electronic till? If you have a software package that automatically calculates the VAT, you will need to ensure that the VAT rate is changed from 17.5% to 15% from 1 December 2008. This may be something that you can do yourself - otherwise you will need to contact your software provider or supplier for assistance. You may be able to adjust your electronic till yourself but if not you will need to contact your till supplier for assistance. If your till has not been amended to calculate 15% (rather than 17.5%) by 1 December you will need to calculate the VAT manually. Source: Letter to VAT registered businesses 24th November 2008 Press Release - 1st December 2008 VAT Correction Software takes UK Businesses from 17.5 to 15 in seconds! Following the Chancellors announcement for a reduction to the standard rate of VAT from 17.5% to 15% as of today, there's no doubt of the impact the change will have on UK businesses. To assist with the transition ASG Data Solutions Ltd (http://www.asg-solutions.co.uk), a Cheshire-based software company, has developed VAT Converter which recalculates VAT Converter is simple to install and runs in the background of a PC with no disruption to the working day. Users can highlight the required figure using the mouse or cursor, press a pre-defined key combination on the keyboard and the software recalculates the new value. VAT Converter also has a customise feature which allows users to view the recalculated figure on screen or even update the source software. Antony Garnett of ASG Data Solutions Ltd who is the software creator says: "We develop software systems to help businesses to succeed in what they do and VAT Converter is a simple tool that does this. Every UK business is affected in some way by the recent changes in VAT rates, and the impact that this has is significantly underestimated. Companies are more and more dependent on their business software and in turn software vendors. With just seven days notice from the HMRC, businesses need a fast resolution and that's why we created VAT Converter!" VAT Converter enables users to recalculate net, VAT and gross amounts from 17.5% to 15% at the press of a key. It is available to download and install from http://www.vatconverter.co.uk To view high resolutions images, please visit http://www.asg-solutions.co.uk/vcimages.zip Formed in 2002, ASG Data Solutions Ltd is based in Cheshire. The company produces software systems for businesses in the automotive, accountancy, print and other B2B markets. An online press office featuring backgrounders and/or print-quality images for publication is at http://www.pressdispensary.co.uk/office/q991206.php For further information, please contact: Antony Garnett, MD ASG Data Solutions Ltd Tel: 0870 011 7271 |
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