The Tax & Accounting business of Thomson Reuters has released an updated version of its tax software to reflect a recent hike in the United Kingdom’s value-added tax.

The company’s ONESOURCE Indirect Tax global determination software now supports the 2.5 per cent increase to the standard rate of the VAT in the U.K. The VAT rate increase, which the government will use to stimulate the U.K. economy, increased from 17.5 to 20 percent on Jan. 4, 2011.

Over 2 million U.K. VAT-registered businesses are required to make amendments to their systems or risk penalties, interest charges, additional transaction processing time and reconciliation costs. 

“For affected businesses, achieving compliance with the new VAT rate will require considerable effort and expense,” said Tom Walsh, senior vice president and managing director in EMEA for the Tax & Accounting business of Thomson Reuters. “However, Thomson Reuters ONESOURCE Indirect Tax users will be able to easily address this change. Immediately following the VAT increase announcement, we updated our systems to include the U.K. VAT rate change to ensure that our clients are able to achieve compliance with the new laws. As other countries, update their respective tax rates in response to the continued weak economy, our clients will continue to manage growth, change and complexity.”

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