Dear List Members,
I suspect this may open a whole can of worms! But here we go
anyway......
As you may be aware many suppliers, including ourselves, issued VAT
refunds last year to compensate for the change in rate from 17.5% to
15%.
In our case we charged 11 months at 15% and 1 month at 17.5%
As you may be aware the VAT rate is going back up to 17.5% on the 1st
January 2009. Our academic subs to the IEEE / IET online library start
30th November. HMRC have advised us that we should charge VAT in
accordance with the guidance on the following site. After several
conversation with HMRC they assure us that we must treat our customer
as "a single supply" this is due t the fact that we do not have
evergreen contracts, i.e. subscriptions are ordered on an annual
basis, and of course people have the option not to renew. In essence
this means we must charge 15% VAT on the portion between 30th November
2009 and 1st January 2010 and 17.5% on the rest.
http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-changes.htm
I wondered if you have had any notification to the contrary from any
other suppliers or indeed from your own VAT office.
Obviously for our commercial customers the rate is of no significance
since they will claim back the full VAT amount.
Any feedback is welcome.
Steve
Steven Tweedie | www.contentonline.co.uk
[log in to unmask] | mobile 07967 133 485 | office 0169 747 5839
Skype steven_tweedie
Content Online Ltd
PO BOX 344
Carlisle
Cumbria
CA1 9DB
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