SI 2019/1048 - The Value Added Tax (Amendment) Regulations 2019

Released 27 June 2019

SI 2019/1048 amends SI 1995/2518, Pt. 3 and Pt. 5 in relation to post supply price adjustments from 1 September 2019.

The Value Added Tax (Amendment) Regulations 2019 amend the Value Added Tax Regulations 1995 (SI 1995/2518), Pt. 3 (VAT invoices and other invoicing requirements) and Pt. 5 (accounting, payment and records). VAT registered traders are required to account for VAT on supplies of goods and services calculated by reference to the price payable for those supplies. In cases where the price of the supply increases or decreases after the supply has been made, adjustments must be made under provisions in SI 1995/2518, Pt. 5. These Regulations make changes in relation to such adjustments and introduce new rules in relation to the accounting documents that the supplier is required to provide to the recipient of a supply. The regulations come into force with effect in relation to supplies for which there is an increase or decrease in consideration that occurs on or after 1 September 2019.

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