Summary
GRIMSBY & North Lincolnshire Society of Chartered Accountants recommends: If there is an overlap of goods and/or services around January 4, 2011, the VAT charge can be split on a fair and reasonable basis so that 17.5 per cent tax is charged on the value of supplies before and 20 per cent on work carried out after the date.
Don't forget that any credit note or refund given to a customer is based on the same rate of VAT that was charged on the original sale. The same principle applied to VAT claimed on bad debts.See the full content of this document
Extract
How Next Month's Changes Could Affect You
If you are a non-VAT registered business co...
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