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Vat payable on compensation?

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11 years 6 months ago #831 by J Watson
Vat payable on compensation? was created by J Watson
Hi,

Apologies if this question has already been asked.
I charged compensation and interest to a company who paid both without a quibble!
My question is do I pay VAT on the interest (1.40) and compensation (£40)?

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11 years 6 months ago #833 by ashley smith
Replied by ashley smith on topic Re: Vat payable on compensation?
Well done J. Good to hear you were able to apply and that the debtor paid up.

VAT is not due on interest or the penalty and you do not include the figures on your VAT return.

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  1. Discussions forums
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  5. The late payment of commercial debts (interest) Act.
  7. Vat payable on compensation?
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