VAT Change: Law society updated advice and SDLT

OPSIS recently provided information relating to the 1st January VAT Rate changes and what needed to be done in our flagship products Millennium Accounts and Solicitor Case Manager.

The Law Society recently announced they have updated their Practice Notes in advance of the return of the VAT rate to 17.5 per cent on 1 January 2010.

The notes advise on charging the correct rate of VAT on the services you make both before or after 1 January 2010 and how to deal with those services that you started before but completed after the rate change.

Some queries have been raised by law firms to the Law Society in relation to paragraph 7.1 of the Practice Notes, and whilst the Law Society are seeking to clarify the position with HMRC Stamp Taxes and HMRC VAT you should refrain from making claims for repayments of SDLT. This will be resolved in the new year.

This does not currently involve any further changes in OPSIS products.

Click here to read the Law Society news article

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Posted on January 6th, 2010 under OPSIS News, OPSIS Support • Tags: Law Society, OPSIS Support, VAT. • Print This Post • Email this Post • RSS 2.0 feed • Leave a response, or trackback