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Tax Tip

HMRC Guidance on VAT and prompt payment discounts

HMRC have published Revenue and Customs Brief 49/14 in respect of suppliers and customer issuing or receiving VAT invoices that offer a prompt payment discount after 1 April 2015. At present, suppliers offering a prompt payment discount are able to account for the VAT on the discounted price, even if the prompt payment discount is not taken up by the customer.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Following the change, suppliers must now account for VAT on the amount actually received. The change took effect from 1 May 2014 for supplies of broadcasting and telecommunication services where there is no obligation to provide a VAT invoice; for other supplies, the change takes effect on 1
April 2015. If suppliers do not wish to issue credit notes, certain information must be included on the invoice, including the terms of the prompt payment discount and a statement that the customer can only recover as input tax the VAT paid to the supplier.”

If you need any help and advice for your business on VAT or any other implications of Government legislation, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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