Standard Rate of VAT now 23%

Standard Rate of VAT now 23%

Now is the time that a large number of businesses will start to notice the increased standard rate of VAT of 23%. Month end invoice runs are now being processed around the country. It is essential that if you are a VAT registered supplier and you are issuing an invoice for goods or services liable to the standard rate of VAT with a date on or after 1 January 2012 that you apply the new rate of 23%. This is regardless of when the supply actually occurred. If however, you are issuing a credit note at a date on or after 1 January 2012 for items that were invoiced prior to 31 December 2011 you may issue the credit note at the previous rate of 21%.

If you are unsure of the VAT rate you should be applying details can be found on the VAT Rate Subject Index on Revenue’s website.  

NKC can assist you in helping to identifying VAT rates to be applied, setting up VAT registration and ensuring compliance with the VAT legislation. Call us for a no obligation quotation to Dublin on 01 612 0990 or Newbridge on 045 435 282.

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