From 1 September 2019, the VAT accounting regulations will be amended so that, where the price is adjusted after the supply has taken place, suppliers and customers will have more certainty. Where the price is increased, the increase will be deemed to take place when both parties to the transaction have agreed to the increase. The supplier will then have 14 days to issue a debit note.
Where the price is reduced, the price reduction will be deemed to take place when the suppliers makes a refund to his customer. In both cases, the supplier will adjust the VAT payable or repayable in the VAT period when the increase or decrease occurs.
Source Grant Thornton
Latest Posts in "United Kingdom"
- Upper Tribunal Rules Cosmetic Treatments by Medical Professionals Can Qualify for VAT Exemption
- High Court Rules Interest Payable on VAT in Contract Dispute Settlement
- FTT Grants Late VAT Appeal Despite Rejected Review Request Arguments
- Property TOGCs Under the Microscope: Navigating VAT Conditions and HMRC Expectations
- Fintua Sponsors Indirect Taxes Annual Conference 2025 in London (Nov 12)
