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VAT changes trigger major industry concern, warns NMBS

NMBS Managing Director Chris Hayward reveals that there is great concern being expressed across the industry in relation to a major change to the treatment of VAT and Prompt Payment Discounts.

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A statement from NMBS outlines the following:

Currently businesses can issue invoices that give details of the amount of the prompt payment discount and its terms and show the VAT due calculated on the discounted price. If the discount is not taken up HMRC has not required businesses to alter the amount of VAT invoiced and accounted for.

From 1 April 2015, Businesses will have to charge VAT on the… + Read more

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