Hi,
Does the sentence 'VAT is charged on the VAT exclusive price, net of all discounts, whether taken up or not' mean that you work out the VAT based on the discounted price even if they pay the full price and dint take advantage of the discount.
Having a mental block!
Thanks
Ask the Tutor ACCA TX-UK
Valuation of Supplies
Yes up to and including FA 2014 the VAT is computed on the maximum prompt payment discount price irrespective of whether the payment is made in time to take that discount.
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