Question on VAT ?

urv55

Having signed for a new car, but not yet paid ….. if VAT goes up in the upcoming budget do I have to pay the new rate ?

matt_drummer

VAT is due at the time of supply.

So it will be at the rate in force on the day you are supplied.

Car_54

urv55 said:

Having signed for a new car, but not yet paid ….. if VAT goes up in the upcoming budget do I have to pay the new rate ?

Yes. And if it comes down, you'll pay the lower rate.

urv55

Thank you for the replies - let’s hope it stays as is, as going to 22.5% adds £1,000 

MeteredOut

urv55 said:

Thank you for the replies - let’s hope it stays as is, as going to 22.5% adds £1,000 

What makes you think it might rise to 22.5%

Have you been reading old newspapers?

https://www.theguardian.com/politics/blog/2008/nov/21/alistairdarling-taxandspending1

TooManyPoints

Car_54 said:

Yes. And if it comes down, you'll pay the lower rate.

Ha ha haaaaaaaaaaaaaaaaaaaaaaa!