VAT discount
19th January 1973, Page 22
19th January 1973
Page 22
Page 22, 19th January 1973
— VAT discount
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In the specimen invoice which appeared in the article about Value Added Tax on page 39 of CM last week, the 2+ per cent discount on the transport charge of £44.10 was deducted from the VAT payable. This was an error. Only 10 per cent of the discount, or 1 lp, is in fact deductible; this represents the VAT content of the discount.
The total VAT payable in the example then becomes £4.31.