Reduction on the Standard Rate of VAT
From the 1st September 2020 the standard rate of VAT will be reduced from 23% to 21% for a period of 6 months.
Traders who account for VAT on the sales or invoice basis and who have transactions with other VAT registered businesses must apply the rate of VAT in force at the time they issue an invoice.
Traders who have transactions with persons who are not registered for VAT must apply the rate of VAT rate in force at the time of the supply.
Traders accounting for VAT on the basis of moneys received must apply the rate of VAT rate in force at the time of the supply.
Any VAT credit note relating to the supply of goods, should show VAT at the rate in place at the time the original invoice was issued.