| Will I be affected in the Isle of Man by the VAT rate change to 17.5% due on 1 January 2010? | Yes. On 1 December 2008 the standard rate of VAT was temporarily reduced to 15 per cent. It reverts to 17.5 per cent on 1 January 2010. In both instances these changes apply in the Isle of Man.
Latest guidance on how to deal with the rate change is available from Her Majesty’s Revenue and Customs (HMRC) website at http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-changes.htm
In addition, there are special accounting arrangements for businesses operating beyond midnight on 31 December 2009 described in detail in “Revenue & Customs Brief 68/09”. This can be found at the following web address http://www.hmrc.gov.uk/briefs/vat/brief6809.htm.
Isle of Man traders requiring any further advice on this matter should contact the Isle of Man Customs and Excise Business Advice Centre on 648130 |
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