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Valuation of Supplies

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Valuation of Supplies

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  • March 2, 2016 at 8:53 pm #303118
    ladyh
    Member
    • Topics: 2
    • Replies: 8
    • ☆

    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

    March 3, 2016 at 8:47 am #303193
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    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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