Implications of the reduction in VAT

While we're all trying to work out the implications of the reduction in VAT earlier this week, the obvious implications for invoicing need to be addressed pretty quickly. As fellow blogger Nick pointed out on Tuesday, in his True Business blog post VAT down to 15%: send out those invoices fast! , all small business owner/managers need to get invoicing because "The essential fact here is that the applicable date is the date of the invoice: NOT the date of delivery of service, and NOT the date payment is made."

And if you're using Microsoft Office Accounting, and wondering how to change the standard rate, you can find a quick and easy guide on the Office at Work blog.