In practical terms you will need to have your computer and till system set up and ready to go to adapt to this change. Because this was previously the VAT rate for your industry it should be a code that exists on your system already and therefore a straightforward enough recoding exercise to ensure you are charging the correct VAT rate from 01 March next year.
Date published 27 Sep 2022 | Last updated 27 Sep 2022This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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