Basil Smith
Joined: 11/5/2024
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Paying School Fees in Advance
Looking through the Budget Overview and technical consultation documents on the Gov website, it has the statement: "Pre-payments of fees or boarding services on or after 29 July 2024 that relate to terms starting after 1 January 2025 will also be subject to VAT at the standard rate. The changes will take effect from 30 October 2024." Within the technical consultation there is the statement: " If a private school invoices or takes payment on or after 29 July 2024, but before 30 October, and this relates to the school term starting on or after 1 January 2025, VAT will be due on the first day of that term." Does this means that if I have made a pre-payment before 29 July 2024 for terms in 2025 and 2026, there will be no VAT due on that pre-payment? This seems like a really simple question, but one that I can't seem to get an answer for.