Customs

The rise of VAT rate to 20% announced in the UK budget, to be introduced in January 2011, will also come into force in the Isle of Man at the same time. The latest guidance on how to acccount for this change in rate can be found here.

Changes introduced on 1 January 2010

There are major changes to the VAT rules for businesses who:

• supply services to or receive services from overseas businesses
• supply goods to other EC countries

These changes affect where, how and when VAT is accounted for. Please click here for further guidance.

In addition, the way in which businesses apply to recover VAT incurred in other EU Member States has changed. Please click here for further guidance on how this will affect Isle of Man traders and/or their agents