Be prepared for the increase in VAT that will take effect from 1 January 2010 when the standard rate will return to 17.5 per cent from its current rate of 15 per cent.
The change could not come at a more awkward time for many businesses for whom the holiday season is one of the busiest times of year.
Make sure that you are geared up for the change well in advance and that all your computer and accounting systems are adjusted accordingly.
You will need to be particularly vigilant with invoicing in the run-up to the changeover and especially careful if you have ongoing work straddling that date.
If you collect money by standing order you might also want to take the opportunity to change over to Direct Debit. Many small businesses think they can not become a direct debit originator but that is not the case.
Check with us if you are not sure how to proceed or want to find out more about direct debits.
Date:6 November 2009
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