Common use of Value Added Tax (VAT Clause in Contracts

Value Added Tax (VAT. Unless specifically stated otherwise, prices and rates shown in quotations, contracts, invoices, certificates and correspondence are net exclusive of VAT. which will be payable to the Supplier as an addition to the rates chargeable at the rates laid down from time to time by Law. The Supplier shall be entitled to adjust the rates and amount of VAT retrospectively or otherwise comply with any rulings made by H.M. Customs and Excise affecting any goods sold, hired or provided by the Supplier. For the purposes of section 55a VAT Act 1994 reverse charge for building & construction services, all Domestic Hirers will be deemed as end users and will be charged VAT at the prevailing rate, unless the Hirer advises in writing that they are intermediary suppliers. All Commercial Hirers will be deemed as intermediary suppliers and will pay VAT directly to HMRC and account for reverse charge VAT to HMRC, unless the Hirer advises in writing that they are end users.