Support Payontime

  1. Forum
  3. Pay on time supporter forums
  5. The late payment of commercial debts (interest) Act.
  7. Vat payable on compensation?
× Welcome to the late payment of commercial debts (interest) act. Forum!

Post questions here regarding the use of the Late Payment Legislation

Vat payable on compensation?

More
12 years 3 weeks 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)?

Please Log in or Create an account to join the conversation.

More
12 years 3 weeks 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.

Please Log in or Create an account to join the conversation.

  1. Forum
  3. Pay on time supporter forums
  5. The late payment of commercial debts (interest) Act.
  7. Vat payable on compensation?
Time to create page: 0.124 seconds