Vat

HM Treasury written question – answered on 28th January 2015.

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Photo of Andrew Bingham Andrew Bingham Conservative, High Peak

To ask Mr Chancellor of the Exchequer, what discussions he has had with business organisations about changes to VAT invoicing requirements when discounting for early payment.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

HMRC consulted on VAT accounting for prompt payment discounts between 17 June and 9 September 2014. HMRC listened to business concerns and issued guidance in December 2014 which will make it easier for businesses to account for VAT on prompt payment discounts.

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