It would be very helpful if you could provide link where "the Government via the statement issued by the Competitions and Marketing Authority have made it clear that in Law the Contract was Frustrated"
Many thanks in advance.
Your info is brilliant and most helpful!
In the actual contract it clearly states that fees will be "reviewed" following "changes in rates of taxation".
Am I correct in assuming that this would be most "helpful" to mel!
An invoice was issued by the Company for next years fees which was without question in the for of a VAT invoice with VAT reg details and VAT amount specification.
In your opinion does this alter matters??
Many thanks for your answer.
Am I correct in assuming then that if they decide to amend to the new reduced rate of VAT that they are obliged to issue a Credit Note then issue new Invoice at prevalent rate in order to validate the change and if so is that within 45 days of the change?
Thanks in advance and sorry to ask so many questions but I am a mere layman who does not understand accountancy terminology and it is very important that I get your interpretation clear
Many thanks for your quick response but as a mere layman I do not fully understand the technical terminology thus that is the reason I split the original posting into 4 separate yes/ no questions.
Would it be possible to address those questions as such??
In simple terms I am asking:- I paid Company the VAT @ 20% for year in advance. With VAT reduced thereafter, if Company claimed back reduction from HMRC have they got an obligation to pass on that rebate to myself??
Sorry to drive you mad but absolute clarity is required
Regards and thanks in advance
We paid our site fees for our static caravan for 2020 in advance in December 2019. The VAT rate charged was 20% Bearing in mind the temporary reduction to 5%:-
Q1 Are we entitled to a rebate on the VAT at the reduced rate from 15th July 2020 to December 31st 2020 taking into account annual prepayment of site fees.
Q2 Does the answer to Q1 depend on whether or not the Park Owners have claimed the rebate themselves ?
Q3 If the answers to Q1 and Q2 are yes are we legally entitled to the rebate or can the Park Owners reclaim it and not pass it on?
Q4 On invoice for 2021 (once again to be paid in advance by December 2020) should fees be split into pre-March 31st @ 5% VAT and Post April 1st 2021 be charged at 20% or can they just issue invoice based on 5% for whole year.
As this has possible implications based on 350,000 Caravan / static owners at around £500 VAT rebate totalling £180 million this is an absolutely vital matter that requires absolute clarity!
I thank you for your help in advance