On 20, Nov 2007, at 16:14, Brian wrote: > Replying to my own post, well someone has to. Reading the notes at the > bottom of the BW long term licence fees sheet it states that "Prices > include > VAT at 17.5% calculated on the prompt payment rate" does that mean > that if I > pay late and the high figure then BW get the extra free of VAT ?
From what I recall businesses always calculate VAT on the net amount after any allowances offered, whether they are taken or not. It always seemed a bit strange but if people don't take the discount they pay the reduced VAT amount as if they had taken the discount. The boater would seem to get the benefit from that as BW would not be deemed to have collected the VAT. That's how I remember it, right or wrong. There would seem to be an opportunity for scams here to reduce the amount of VAT chargeable, but I bet the HMCR have got it covered. Beeky
