NetSuite promises easy move to new VAT rate

Chancellor Alistair Darling introduced new VAT rates earlier this week

On-demand software provider NetSuite has promised UK customers that its products will respond rapidly to changes in tax rates.

The company is responding to new VAT rates announced earlier this week, which will see the standard rate fall from 17.5 per cent to 15 per cent at the start of December.

NetSuite claimed that customers will be able to alter their systems easily and with no disruption to business. To support customers through the changes, the firm has announced a UK VAT compliance plan designed to educate users on how best to comply with the rate reduction.

"Changes to UK VAT rates are relatively infrequent, but by their very nature tend to occur at those times that are most challenging for businesses to respond to them," said Craig Sullivan, vice president of international products at NetSuite.

"Recognising this challenge, we designed the tax engine within NetSuite to easily accommodate such changes on the fly. We also realise that our customers would benefit from additional guidance and support in managing the transition smoothly and efficiently, minimising any disruption to their business. NetSuite's UK VAT compliance plan provides that support."

The plan includes a web seminar on Friday that will cover many of the issues involved, as well as a dedicated micro-site with Web 2.0 and social networking features to let customers chat with accounting experts.