2011 – VAT to increase to 20%
George Osborne delivered his Budget report speech on 22 June 2010 and announced that the VAT rate will move upwards.
The current rate is 17.5% an d is set to increase to 20% from the beginning of year 2011. For specific rates visit the HM Revenue & Customs web site. If you manage a business ask yourself how this will affect your pricing. If you use accounts software remember to set the new rate in your settings.
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