As from the 1 January 2010 the UK's standard rate of VAT will increase from 15% to 17.5%.
This change does not represent a problem for Arithmo users. The VAT rates applied throughout the system are date driven. Ensuring that users do not need make any changes to their system, Arithmo takes care of everything. For those users that use the repeat transaction function then at the point of posting the transaction Arithmo will check that the correct VAT rate is applied, if not users are guided to ensure the correct rate is used.
We have not forgotten about those that calculate their VAT using the flat rate scheme. At the point of calculation users not only choose the rate applicable but can also choose multiple rates for the period. Not only accommodating the change in rate as at 1 Jan 2010 but those whose flat changes mid period.
Mike
Arithmo
