a Sift Media publication

VAT: concessions change 14 day rule and transition to new rate

Posted by AccountingWEB in Tax on Wed, 03/12/2008 - 09:54

HMRC has announced temporary concessions to assist businesses with the administrative problems of accounting for a change in the standard rate of rate.

These are in respect of the following:

Electronic tills and cash registers - if your till was printing out receitps after 1 December at the wrong rate, because you were unable to change it in time, you may still account to HMRC for VAT on transaction, regardless of the till receipts using the new fraction of 3/23.

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