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Changes to VAT rules for credit notes from 1 September
23 July 2019 Andrea Marshall, Tax Specialist
HMRC has published a Revenue & Customs Brief setting out the new rules for accounting for VAT on credit notes. The rules apply to price decreases/credit notes where there has been an agreed change in the price from 1 September. The main change is that you cannot account for a change the in the VAT amount on your VAT return until an actual refund has been made (or received if you are the customer). This may require you to review your processes so that you can ensure that you know whether refunds have actually been made for credit notes raised on the system. Another change is that if a refund is made prior to the credit note being issued, the credit note must be issued within 14 days of the refund being made. More details can be found in the Revenue & Customs Brief.
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23 July 2019 
Andrea Marshall, Tax Specialist
