How well kept are your records?
HMRC’s increased powers now state that an officer of HMRC may check that ‘statutory record keeping requirements are being met’ as part of any compliance check.
There are now potentially moreserious issues at stake than a slap on the wrists for keeping poor records.
The key points to consider are
VAT rate change
From 4 January 2011, the standard rate of VAT increased from 17.5% to 20%. There are specific rules for services supplied during the rate change but it is important to note the tax point of each invoice you raise.
In addition to the standard rate of VAT change, companies using the flat rate scheme will also see an increase in the rate they use.
If you are unsure about anything regarding the VAT rate changes then we will be happy to help.