The standard rate of VAT is currently 17.5 per cent but will be increased to 20 per cent on 4 January 2011. For any sales of standard-rated goods or services that you make on or after 4 January 2011 you must charge VAT at the 20 per cent rate. If you have a cash business and calculate your VAT using the VAT fraction you must use the VAT fraction of 1/6 on your standard-rated VAT [...]

Anyone in business has to make all sorts of decisions that affect performance and profits every day. Many of the decisions involve agreements with third parties about sales and distribution of a firm’s products or services. Most business people realise quickly that trusting someone else with your goods, money or reputation can be fraught with problems, so an agreement needs thrashing out to make sure everyone knows their roles and responsibilities and no one oversteps [...]