In the spring, Parliament decided on a change that will increase the general VAT rate from 24% to 25.5%. This change will come into force on 1 September 2024 and will affect all of us who sell or buy goods and services. This blog post explains how this change will affect you and how you can best prepare for it.
What does change mean in practice?
In short, all goods and services currently subject to 24% VAT will be subject to a new rate of 25.5%. This means that price bases will increase slightly and the cost of services will rise from September.
How can you prepare?
Check the prices of your services: if you offer services or sell products, now is the time to update your price list. When you agree to sell a service or good after 1 September 2024, it's particularly important to consider the impact of the VAT increase on your selling price.
Plan your purchases: If you need to make new purchases, you should do so before September. This will allow you to take advantage of the current 24% VAT rate and save some money. For example, office supplies or equipment - anything you buy now, if possible.
Bill more: This is also a great time to charge more, as the advent of the tax increase is a good time to entice customers to take advantage of the current, lower prices.
Truster-billing service is at your service
At Truster, we take care of most of the practicalities of the VAT change for you, so you don't have to worry about the details. As a Truster user, you don't have to worry about technical updates related to the change.
A VAT increase is coming, but with a little forward planning you can minimise its impact and even benefit from the situation. Check your price list, make the necessary purchases early and take advantage of customer interest in current prices. Truster will take care of the rest!