The dust seems to have settled on media speculation about VAT – just how many sexy headlines were they ever going to come up with anyway?
So what should you be doing to make the most of the change?
Number one, now is the time to make large purchases, such as computers and other goods and services that have a high cost. The reduction on VAT should mean that they will cost you less. Don’t forget to haggle on price as well.
Number two, check your purchase invoices from suppliers. Make sure you are being charged at the lower rate of 15%.
Number three, check the sales invoices you are issuing. If you can justify making a supply at the old rate of 17.5%, then use it.
Number four, take proper advice if you are unsure what to do. Behind HMRC’s PR is an army of folk whose job it is to collect tax.