How to declare 5% rate transactions in the monthly VAT returns 2022

In general, the reduced VAT rate of 5% ceased to apply on 31 December 2021. However, for eligible transactions carried out in December 2021 with invoices not issued before 2022, the VAT liability should be recognised in January 2022 and declared in the monthly VAT return for January 2022. The 5% VAT rate applies even if […]