SME’s urged firms to prepare for January VAT rise
The Forum of Private Business is warning firms that the January VAT rise could leave them with a new year headache if they fail to prepare properly. All VAT registered traders will be affected by the increase, which will see VAT rise from its current 17.5% rate to 20% at midnight on 4 January. In theory, the change is relatively simple. However, the FPB is warning smaller firms that things can easily get complicated when put into practice.