Top-20 UK accountancy firm, Wilkins Kennedy LLP’s, has just announced a new addition to the team, Nicola Holmes, who brings a wealth of experience to her new role at the firm as VAT Manager.
With many years of experience in dealing with complex VAT issues, Nicola has developed strong key skills in VAT compliance and training. Before joining Wilkins Kennedy she has worked for HMRC and two major professional service firms.
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From 1st April 2015 VAT law in connection with prompt payment discounts is changing. The changes will not only affect those businesses that offer prompt payment discounts to customers but also those who receive invoices offering a prompt payment discount.
The current VAT legislation is relatively simple with the amount of VAT declared on the invoice as well as the amount of VAT the recipient of the supply can treat as input tax being calculated on the discounted price. The amount of VAT does not change even if the prompt payment discount is not taken up by the customer. - See more