Roy Knowles, VAT expert at consultancy Tribal, outlines how the VAT changes in the pre-budget report will affect housing associations.
As widely predicted, the VAT rate is to be cut from 17.5 per cent to 15 per cent. The change will be effective from Monday 1 December and will run for a 13 month period after which it will revert to the 17.5 per cent rate. The new VAT inclusive fraction will be 3/23rds…
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