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Autumn News
All Change
When the VAT rate was cut from 17.5% to 15% on 1 December 2008, it was a shock - we had a week's notice for something that had not happened since the early 1990s. When it goes back up on 1 January 2010 we have had over a year to think about it. It will still be tricky, and it will be necessary to be prepared for it. For example, if you agree a price for a supply in December, but delivery falls in January, the law allows the supplier to change the contracted price to reflect the increase in the VAT rate. If you are a customer who can't recover VAT, that's important to know - and if you are a supplier who doesn't want to annoy your customers, it's important to explain.If you want to discuss the rules which cover an increase in the VAT rate, we can help.