Consultation outcome

VAT: Prompt Payment Discounts

• From: HM Revenue & Customs
• Published: 17 June 2014
• Last updated: 10 December 2014 — See all updates

This consultation has concluded

Read the full outcome

VAT: Prompt Payment Discounts - Summary of Responses

PDF, 149 KB, 13 pages

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Detail of outcome

The response document sets out the government’s response to the consultation document published below. The responses received are summarised and a full list of respondents is included but where appropriate the names and personal or commercially sensitive information has been redacted . The government has heard the concerns voiced during the consultation and is grateful for the constructive and informative suggestions it received.

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Original consultation

Summary

A consultation about VAT invoicing and accounting arrangements when prompt payment discounts are taken up in relation to supplies made on or after 1 April 2015.

This consultation ran from
17 June 2014 to 5pm on 9 September 2014

Consultation description

Changes to UK legislation relating to VAT and prompt payment discounts will take effect in relation to supplies made on or after 1 April 2015. HMRC would like to receive views or suggestions on how the businesses affected should make consequent accounting adjustments. These will be used to inform any guidance HMRC may issue.

Documents

VAT: Prompt payment discounts

PDF, 45.4 KB, 13 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Published 17 June 2014
Last updated 10 December 2014 + show all updates

1. 10 December 2014

   Summary of Responses published

2. 17 June 2014

   First published.