VALUE ADDED TAX

Prompt Payment Discounts

The UK legislation on prompt payment discounts is to be amended to bring it in line with EU law. The effect of the change is that VAT will be due on the consideration actually received, rather than on the reduced amount, whether or not the discount is taken up.

The measure will take effect generally from 1 April 2015. It will, however, come into force with effect from 1 May 2014 for telecommunication and broadcasting services where there is no obligation to provide a VAT invoice. Other implementation dates may be applied in respect of specified supplies for revenue protection purposes.

Place of Supply and Mini-One Stop Shop (MOSS)

From 1 January 2015 the member State where VAT is due on intra-EU supplies of broadcasting, telecommunications and e-services (BTE) to non-business customers will change from where the supplier belongs to where the customer belongs. MOSS will give suppliers the option to register in just one member State and account for VAT on supplies of BTE services to all their EU non-business customers on a single MOSS VAT return.

Fuel scale charges from 1 May 2014

CO2 band g/km

12 month period

3 month period

1 month period

120 or less

627

156

52

125

939

234

78

130

1,004

251

83

135

1,064

266

88

140

1,129

282

94

145

1,190

297

99

150

1,255

313

104

155

1,315

328

109

160

1,381

345

115

165

1,441

360

120

170

1,506

376

125

175

1,567

391

130

180

1,632

408

136

185

1,692

423

141

190

1,757

439

146

195

1,818

454

151

200

1,883

470

156

205

1,943

485

161

210

2,008

502

167

215

2,069

517

172

220

2,134

533

177

225 or more

2,194

548

182