Reply to post: Re: What the government currently says

UK launches online VAT inquiry following fears of Brexit fraudster surge

Roland6 Silver badge

Re: What the government currently says

>Should be fun for the accountants as this change happens in the middle of a tax year too.

Vat liabilities are calculated monthly, independently of tax year...

Also, the top VAT rate has previously changed mid year: changing from 17.5% to 15% (December 2008) before being increased to 17.5% (January 2010) and then to 20% (January 2011).

From having gone through the 2008~2011 changes, I expect the fun will be had as accountants discover the assumptions programmers made on VAT rates and liberally sprinkled their code with "magic numbers" because "the VAT doesn't change" and especially not partway through a financial period...

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