We've been having great fun at the office over the last couple of days, what with issuing invoices and the new VAT rate and all.
The thing is - you would have thought it would be quite simple. Create an invoice, calculate VAT at 15%, send the invoice out to the clients.
Unluckily for Just Accountants, the ruling isn't that simple.
So for everyone that has queried their invoice this month and for anyone else who might be reading this and doesn't know, here is the actual rule for invoices this month.
Where goods or services have been provided BEFORE December 1st but have been invoiced on or after December 1st you must:
a) Charge VAT at 17.5% for goods and services provided on or before November 17th.
b) Charge VAT at 15% for goods and services provided after November 17th.
Quite who comes up with these crazy ideas, I don't know and, frankly, don't want to.
