VAT is changing on  the 1 January 2010 with a return to 17.5% from the temporary rate of 15% imposed since 1 December 2008. This will affect VAT registered Clear Books users in the following ways.

Normal Invoicing

We have always had the option for both 17.5% and 15% in the VAT rate select boxes. Remember to use the 17.5% rate from 1 January 2010. We’ll warn you in the system if you enter an invoice date post 1 January 2010 and forget to use 17.5%.

Presets, Defaults, Recurring Invoices & Bank Import Rules

Where the rate is currently 15% we will automatically update to 17.5%.

Flat Rate Scheme

For users on the flat rate scheme we will close off your scheme so that from the 1 January 2010 you will be forced to enter your new flat rate percentage before you can continue using the system. The appropriate flat rate percentage will be applied to invoices dependent on invoice date (or payment date if cash accounting).

Read more about Clear Books for VAT Accounting

Posted by Tim Fouracre

Tim founded Clear Books in 2008. Like many small business owners he worked from home for 15 months to get his startup off the ground. Today Tim enjoys helping Clear Books, its customers and its growing team innovate and achieve. Tim did his GCE O Levels in Ghana.

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