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Change in VAT Rates 23% to 21% - details?

  • 01-09-2020 11:50am
    #1
    Ranjo
    Registered Users, Registered Users 2 Posts: 446 ✭✭


    I'm doing my monthly invoicing and am looking for the specifics on the 6-month drop in VAT rates from 23 to 21% but cannot find any mention of it, letalone the full details.

    I've looked at revenue.ie and gov.ie department of finance websites.

    The only reason I am aware of it is from a communication from the accounting package I use.

    The main question I'm trying to answer is, does the drop apply from invoices dated 1-Sep onwards, or work carried out 1-sep onwards?


Comments

  • #2
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,221 ✭✭✭✭y0ssar1an22


    the revenue website is unsurprisingly not the most helpful.

    https://www.revenue.ie/en/corporate/communications/stimulus/reduction-in-the-standard-rate-of-vat.aspx

    Reduction in the standard rate of VAT
    A six-month reduction in the standard rate of Value-Added Tax (VAT) from 23% to 21% will apply, effective from 1 September 2020.


    I'm taking that to mean any invoices dates 01/09/2020 onwards will use 21%.


  • #3
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    The tax point is the date of the invoice, so any invoices dated September will be 21%


  • #4
    Ranjo
    Registered Users, Registered Users 2 Posts: 446 ✭✭Ranjo


    J.Ryan wrote: »
    The tax point is the date of the invoice, so any invoices dated September will be 21%

    Thanks, I agree. What I am looking for is any mention of that on revenue.ie/dept of finance so I can refer my customers to.

    Don't think it exists though!


  • #5
    hudsonn
    Registered Users Posts: 38 ✭hudsonn


    y0ssar1an22 wrote: »
    the revenue website is unsurprisingly not the most helpful.

    https://www.revenue.ie/en/corporate/communications/stimulus/reduction-in-the-standard-rate-of-vat.aspx

    Reduction in the standard rate of VAT
    A six-month reduction in the standard rate of Value-Added Tax (VAT) from 23% to 21% will apply, effective from 1 September 2020.


    I'm taking that to mean any invoices dates 01/09/2020 onwards will use 21%.

    Thanks for the link. I searched for ages and could not find any mention of it.

    Typical that something that will affect small business accounting is so poorly explained on The Revenue website. One paragraph, no further information.


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