marky1 Posted June 15, 2015 Report Share Posted June 15, 2015 has anybody noticed that t college have stopped their discount over 3o days you used to get a couple of % discount if you paid within 30 days usually saving you around a fiver and a bigger % discount when you pay within 7 days but the 30 day one they have stopped saying its down to tax office saying its illeage but I dot always get my invoices from other shop in time yet birch still offer the discounts Link to comment Share on other sites More sharing options...
x minit uk Posted June 16, 2015 Report Share Posted June 16, 2015 Yes I have noticed this, I sent them an e- mail asking why and never got a reply. Link to comment Share on other sites More sharing options...
robinh Posted June 16, 2015 Report Share Posted June 16, 2015 As I understand it, the VAT people say that suppliers should only give the discount once payment has been made within the proscribed period. The supplier should take payment in full and then provide a credit note for the applicable early settlement discount. The reason for this appears to be that most accounting systems automatically reduce the amount of VAT by the discounted percentage on the original invoice which means that if payment is not made correctly then Customs and Excise are losing out on recovering VAT. This new rule came into force on April 1st 2015. I originally thought it was some kind of April Fools joke. Still do. Robin Mike at Vauxhall 1 Link to comment Share on other sites More sharing options...
Broms Cobb Posted June 16, 2015 Report Share Posted June 16, 2015 As I understand it, the VAT people say that suppliers should only give the discount once payment has been made within the proscribed period. The supplier should take payment in full and then provide a credit note for the applicable early settlement discount. The reason for this appears to be that most accounting systems automatically reduce the amount of VAT by the discounted percentage on the original invoice which means that if payment is not made correctly then Customs and Excise are losing out on recovering VAT. This new rule came into force on April 1st 2015. I originally thought it was some kind of April Fools joke. Still do. Robin Lots of companies are following suit, we have other suppliers that are doing the same, in fact 'ShoeString' did this last year? Link to comment Share on other sites More sharing options...
Lee Posted June 16, 2015 Report Share Posted June 16, 2015 Its the law now. Link to comment Share on other sites More sharing options...
marky1 Posted June 17, 2015 Author Report Share Posted June 17, 2015 ok just nice to know Paul_ 1 Link to comment Share on other sites More sharing options...
Lee Posted June 18, 2015 Report Share Posted June 18, 2015 its al thanks to those nice people at HMRC Link to comment Share on other sites More sharing options...
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