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FSB: Company debt advice customers must prepare for VAT rise

Date Added: 17/12/2010  

The Forum of Private Business is the latest organisation to have reminded firms such as those which are currently taking company debt advice that they need to prepare for the VAT rise.

Forum chief executive Phil Orford stated that small firms need to make sure they are ready to change their prices when the rate change to 20 per cent comes into effect on January 4th 2011.

"The main problems businesses are likely to encounter around the VAT rise will be with their accounting systems," he said.

Mr Orford added that company debt advice customers need to ensure that when they are charging for goods and services ordered before the rate change, they stick to 17.5 per cent.

Earlier this week, HM Revenue and Customs reminded companies including those which are currently taking company debt advice that they need to be ready for next month's VAT increase, which is the third in around a year after the temporary switch to 15 per cent to boost spending was reversed.

Posted by Michael Beam 

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