Cecil Kilpin | March 2018 Newsletter

By |2022-01-21T10:02:04+02:00March 4th, 2018|Finance + Economics, Goverment, Newsletter, Tax, Vat|

Budget Speech Review - Focus on Value Added Tax While there were a number of changes announced in the recent budget speech, none were as significant as the increase in the standard rate of VAT from 14 to 15%. While largely anticipated the practical implications need to be reviewed in order to ensure compliance from a vendor perspective, and to gain a better understanding from a consumer perspective. Accordingly this newsletter is dedicated to some of the more pertinent issues arising from the increase. TRANSACTION DATE The VAT rate to apply depends on the time of supply rules. in simple terms, this is the date on which the transaction is deemed to occur according to the VAT Act. The general time of supply rule is [...]