Just 24 hours (and a few minutes) to go until the VAT rate changes from 17.5% to 15%.
Make sure you have changed your website settings, ebay settings, bookkeeping settings, spreadsheet settings – even your calculator settings to reflect the new rate.
The new rate is 15%. When you are calculating the VAT amount in a total, such as a petrol receipt, you now need to use the fraction 3/23, or if you want the VAT exclusive amount the fraction you need is 20/23.
It remains to be seen if such a minute change will have any real effect on spending habits.
Good luck with your christmas campaigns.
Please feel free to email me if you want a little critique or help with your copy in the run up to christmas!
Seasons greetings to you all!
~Ray
Ray Stewart
Managing Director at Coalville Business Services Limited
I am a qualified Certified Practising Accountant having passed my final exams way back in 1981. I actually can’t believe that was 33 years ago!! Anyway, I am now in my 50’s and I have been running my own business since May 1983. And before you ask, no, I have never regretted a moment of it!
Part of the membership requirements of my professional body now dictate that I spend quite a lot of time on “CPD” - continuing professional education (one of their better ideas) - and over the last two years I decided to study business growth and marketing.
I have learnt such a lot and that knowledge has radically changed my old “accountants” approach to business. It has made such a difference to the way I work and operate I feel that I just have to pass on this knowledge. It is simply too powerful to hold back!! - but I will try and do it in simple terms rather than expecting you to spend hours, as I had to, working through the difficult language that trainers seem to use to pass on their concepts.
I hope you find the blog a useful resource and interesting place to visit as the months pass. I will do my best to keep up the flow - but if there are any topics you would like me to cover, then please let me know.
Ray Stewart
Latest posts by Ray Stewart (see all)
- GDPR and our relationship - 12 April 2018
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- Auto-Enrolment – The Tricks Begin - 9 November 2015
