A new electronic VAT Refund procedure is being introduced across the EU from 1 January 2010 to replace the current paper-based system.
Well, you wouldn’t call it a Budget for small business, but then most of what might have mattered was in the PBR anyway.
The Chancellor has confirmed the widely expected changes in the time and place of supply rules for businesses making or receiving cross-border supplies of services in the UK.
All the cynics were predicting a big hike in VAT at the end of the year to help the Chancellor balance the books – but not so.
Chancellor of the Exchequer, Alistair Darling, has announced a raft of supporting measures to develop low carbon industries, green technologies, and digital communications, as part of this year’s b
- VAT registration threshold increased from £67,000 to £68,000 with effect from 1 May 2009, a rise of 1.5%.
- The UK economy is forecasted to shrink by 3.5% in 2009. The growth forecast for 2010 is 1.25%, and from 2011 onwards it’s 3.5% a year.
The Budget included a surprise revision of the announcements made in November 2008.
The extended loss carry back measures announced in November 2008 have been extended in the Budget.
These Tables reflect announcements made in November 2008 and in March 2009