What does the new VAT rate mean for business?

WITH the jobs initiative that was announced on May 10 last to include a provision to introduce a new rate of VAT of 9% for certain goods and services, Tax Assist Accountants, Roy Finucane tells more. “This new VAT rate will take effect from the 1st July 2011 and is scheduled to apply until December 2013.  If your business falls into one of the categories below it is important that you correctly apply the new rate of Vat.
What else do I need to do?
Be sure to update your EPOS systems and accounting packages so that correct VAT reporting can be done.  It is also important to ensure that the prices you display to customers in menus or on websites take account of the VAT changes.
Areas where the new VAT rate applies
Supply of food and drink (excluding excise drinks) provided by way of catering or vending machine
Supply of hot food (e.g. by takeaways, restaurants etc.)
Supply of printed matter (excluding advertising) including; newspapers and periodicals, brochures, leaflets and programmes, catalogues, including directories, and similar printed matter, maps and printed music.
Promotion and admission to cinemas and live theatrical or musical performances. Amusement services normally supplied in fairgrounds or amusement parks.
Admission to exhibitions in museums and art galleries
The provision of holiday accommodation
The provision of facilities for taking part in sporting activities
The provision by a member owned golf club of facilities for taking part in golf with limitations.
The provision of hairdressing services
Anything else?
Finally, Roy says to “give careful consideration needs to credit notes, deposits and vouchers. “