Reduced VAT rate to end
Despite representations by the Small Firms Association, the Government has indicated that it has no plans to extend the reduction in the standard rate of VAT (23% to 21%) beyond 28 February 2021, when it is due to expire. The reduction was introduced in September 2020.
Members are reminded to consider how the change will impact your business and any actions you need to take between now and 28 February to ensure that you are ready for the change.
Areas to consider include systems, pricing, product files, contracts, timing, credit notes, direct debits, advance payments, import guarantees, non-Irish business.