In 2018, VAT vendors faced significant challenges when the rate was last amended, dealing with hardcoded VAT rates in systems and the difficulty of updating multiple systems across large organizations. As we approach the upcoming VAT rate change to 15.5% from 1 May 2025, businesses must prepare to adjust tax invoices, credit notes, and financial systems while navigating transitional rules and rate-specific regulations, especially for connected transactions, fixed property, and instalment credit agreements.
Join us for an informative iTOOsday session with Julie Parker, Senior Associate Director at Deloitte, facilitated by Matlhogonolo Zulu, where we will dive into the impact of the VAT rate change on the insurance sector. This session will cover key areas including annual policies, mid-term adjustments, claims processing, excess deductions, premium payments, bounced debit orders, and sum insured calculations.
