Do you offer or receive prompt payment discounts?

If so, remember that from 1 April 2015 you will have to change how you account for VAT on them. 

Suppliers will no longer be able to assume the buyer will take the prompt payment discount when working out how much VAT to charge.

Instead, invoices will have to be raised assuming the prompt payment discounts won’t be taken, and adjustments made to your VAT records if they are.

If you have any queries about VAT or the above changes please contact Faye Armstrong at our Carlisle office on 01228 530913 or email faye@doddaccountants.co.uk

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