Can anyone help?
I need to know if, on Interest Free Credit, that the sale amount is VAT'able or the money received.
For example, a 1499 TV sold on Interest Free Credit means I would receive around 1200 from the Finance House.
Do I declare VAT on the 1499 or the cash amount received????
Ta
Why not ring the VAT helpline?
Assuming the customer and not the finance house is the owner of the goods, then you declare VAT on the £1499.
You might find the following starting point useful
Rgds
__ Richard Buttrey Grappenhall, Cheshire, UK __________________________
Richard
Thanks, you have answered my question.
Cheers
PaulC
"Richard Buttrey" wrote in message news: snipped-for-privacy@4ax.com...
"Richard Buttrey" wrote in message news: snipped-for-privacy@4ax.com...
If he says on the receipt/invoice that 299 is for financial services with xxx Ltd and the final price remains unchanged then can't the VATed amount be
1,200? Isn't this what the big stores do when you use a debit or credit card?
That's one hell of a big hit for Interest free credit.
What cash discount do you offer?
(and remind me not to shop in shops that give IFC and don't give a substantial cash discount).
Tim
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