VAT increase

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tinajanine65
tinajanine65 Registered Posts: 21 New contributor 🐸
in General accounting discussion
I would appreciate your comments please. As we are a business that charges VAT we are lloking at ideas for when the VAT is increased on 4th January 2011. As our clients pay for work done from the previous year, could we split the VAT between the two rates? This would help clients that cannot reclaim VAT. Does anyone have any other ideas which may benefit clients?

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  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
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    http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-increase.htm
  • bumblebee
    bumblebee Registered Posts: 135 Dedicated contributor 🦉
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    tinajanine65 wrote: »
    I would appreciate your comments please. As we are a business that charges VAT we are lloking at ideas for when the VAT is increased on 4th January 2011. As our clients pay for work done from the previous year, could we split the VAT between the two rates? This would help clients that cannot reclaim VAT. Does anyone have any other ideas which may benefit clients?

    It could depend on the VAT scheme your business uses I suppose.
    Invoice basis - VAT at taxable date
    Cash accounting - Adj to make for VAT increase

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