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  5. The late payment of commercial debts (interest) Act.
  7. 17.5%VAT or 20% VAT
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17.5%VAT or 20% VAT

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13 years 8 months ago #359 by cpsc
17.5%VAT or 20% VAT was created by cpsc
We are in the process of preparing a final claim (before court action) regarding monies owed to us in 2007 when the VAT rate was 17.5%. I believe any monies now paid to us would attract(we would pay) a VAT rate of 20%. Hence, we should apply this rate to the net amount owed to us/claimed now.

Could anyone confirm if our understanding is correct.

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  • Chris Harvey
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13 years 8 months ago #360 by Chris Harvey
Replied by Chris Harvey on topic Re: 17.5%VAT or 20% VAT
Hi. I've always understood it to depend on when the work was done and the invoice issued. Here's a useful link to the HMRC site which I hope is of help

www.hmrc.gov.uk/vat/forms-rates/rates/rate-changes.htm#3

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