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The PBR has reduced the VAT rate to 15%. NEIL WARREN reviews some practical issues
KEY POINTS
- VAT standard rate is reduced from 17.5% to 15%.
- Supplies and services before and after 1 December 2008.
- Alternative procedures are not compulsory.
- The effect on the flat rate scheme.
- The rate applicable using the cash accounting scheme.
Just four weeks ago I was talking about VAT to Taxation editor Mike Truman and predicting a 2.5% movement in the standard rate.
But before you think I have got special clairvoyant powers and are about to e-mail me for a tip on the next race at Ascot I will come clean and admit that I was predicting the rate would go up by 2.5%.
And to be honest I was secretly excited about the thought of the standard rate of VAT being the same percentage as the basic rate...
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