VAT and Prompt payments discounts

Businesses which currently offer prompt payment discounts (PPD) to their customer need to be aware that there are some changes ahead to the rules. Currently under the UK law VAT is payable on the net amount after deducting the discount, whether or not the customer takes advantage of the PPD and pays promptly. For Example… Continue reading VAT and Prompt payments discounts

HMRC Scams

Over the past week we have seen the following HMRC scams against one of our clients and an employee. The first one – A client received a phone call from HMRC’s debt collection, they wanted payment of an outstanding £2k VAT liability.  The bailiffs and police were going to come out in 2 hours to seize assets unless… Continue reading HMRC Scams