Reminder – Standard Vat Rate Is Changing From 1 March 2021
Don’t forget the standard rate of Irish VAT is due to increase to 23% with effect from 1 March 2021. The rate had been reduced to 21% for a six month period from 1 September 2020 to 28 February 2021.
The 9% reduced Vat rate remains effective until the 31 December 2021.
Be sure to take into account the following:
1 – Systems will need updating.
Your EPOS and accounts systems will need to be updated with the new standard rate change.
2 – Sales invoices
The 23% standard rate will apply to all invoices raised from 1 March 2021.
3 – Credit Notes
Any credit notes issued from 1 March 2021 onwards will be reflective of the vat rate in place at the time of the original invoice. Be careful with Rebates to ensure you are showing the correct vat rate.
4 – Pricing
Remember to update your price lists and let your customers know if it is going to impact them.