Today the UK government announced they are to increase their VAT rate from 17.5% to 20% from 4th January 2011 as part of the new conservative government’s Emergency Budget.
In December 2008, the VAT rate was reduced from 17.5% to 15% till 31 December 2009. This action was taken to encourage consumers to spend more. Now in less than 18 months they have increased the VAT by 5%.
Here are some examples on how to treat transactions that span the date VAT is increased:
Sales
VAT will be chargeable at 20% where completion takes place on or after 4 January 2011. Where exchange takes place before 4 January 2011 and completion after, this will still be the case. Provided the contract stipulates the price “plus VAT”, the seller will be able to charge the additional VAT to the Buyer whether or not the rate of 20% is specifically mentioned in the contract.
Works
If you are providing regular services, (eg, staged payments for works), and you issue an invoice after 4 January 2011 for work carried out before and after that date, it is possible to make an apportionment between the payments due for the works carried out before 4 January 2011 (chargeable to VAT at 17.5%) and those which are carried out on or after 4 January 2011, (chargeable to VAT at 20%). The same principle applies to single payment contracts, where payment is made on or after 4 January 2011. That payment can be apportioned between works done before and after 4 January 2011 at the different rates.
Errors and Refunds
If you have to make a refund or issue a credit note for any reason, the VAT refunded is always at the same rate as it was charged, even if there has been a change in rate
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