Munster’s first independent VAT consultancy practice providing specialist VAT and Indirect tax advisory, assurance and interim management support services to owner managed businesses, small & medium enterprises, accountants and legal practices.
The increase in the standard rate of VAT had been signalled and businesses will need to consider the impact of this change for the supplies they both make and receive. There will be implications for businesses operating under both the invoice basis and the cash received basis.
For businesses supplying goods/services on the invoice basis the key issue for the business is to ensure the correct VAT rate is applied, this would be the rate in force at the time the VAT invoice is issued. Consideration here should be given to businesses who issue a pro forma invoice