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UK VAT Rate Changes - Announced 24th Nov
Dear Users
The UK Government has just announced that the standard rate of VAT will be reduced to 15% from 1 December 2008.
Only standard-rated sales are affected. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions.
NetSuite are reviewing the changes, including what you may need to do, and will be sending out a detailed customer communication within the next 24 hours.
In the meantime if you want to understand how the changes impact your business then please read this HMRC guidance document.
http://www.hmrc.gov.uk/pbr2008/vat-guide-det.pdf
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