VAT Reduction

In July the government announced a number of measures to help Irish people out during the Covid Pandemic.  One of these is the reduction of the higher VAT rate for 6 months.

From Sept 1st 2020 to Feb 28th 2021 the higher VAT rate will be 21%

This means that when you are accounting for your VAT in this period of time you need to make sure you use 21%.  While this should be clear on your purchases receipts it's no harm to double check that your suppliers are only charging the 21% rate.  This also means that you may need to update your Accounting Software with the new VAT rate and make sure that it is charged correctly to your customers.

If you need any help or have any questions on how to do this please don't hesitate to contact us today.

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