Please be aware that from 1 January 2010, VAT will be reverting to the standard rate of 17.5%. All invoices raised from 1 January 2010 will have the new VAT rate.
As we (Aexiomus Limited T/A Cyberstrider) do cash based accounting for VAT purposes, we account for VAT when we receive funds from our customers.
For this reason, any funds we receive prior to 1 January 2010 will benefit from the 15% VAT rate being charged. Any pro-forma invoices still outstanding after this time will be altered from the 15% VAT rate to the 17.5% VAT rate.
Those who pay us by credit card, debit card or Paypal can benefit from the lower 15% VAT rate by ensuring their payment reaches us by 23.59pm on 31 December and no later.
Those of you who pay us by BACS, CHAPS or Bank Transfer can benefit from the lower 15% VAT rate by ensuring their payment reaches us by close of banking on 31 December and no later.
Those of you who pay us by Direct Debit – we will be transacting from your account on 20 December this month, to ensure (during the festive period) transaction clearance times are by 31 December.
Normally, we have 2 Direct Debit transaction batches per month. This month however we are only running one. As we need to prepare and submit our transaction file on 10 December (for transactions to take place on 20 December), if you wish your Direct Debit transaction to take place this month (subject to 15% VAT) rather than around 10 January (subject to 17.5% VAT) if your invoice due date is closer to the latter, then please let us know prior to 10 December by raising a ticket to the Finance Department.
Tags: finance