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Search results: 3 article(s) found in topic: Output VAT - keyword: Compensation payments

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VAT when a defaulting customer pays up

After a lengthy recovery process, you have received £25,000 from a customer. This consists of the original invoice amount, £3,000 in legal fees and £400 of late payment interest. How much VAT do you need to account for? More...


Is VAT due on charge unused services?


What happens with VAT when you make extra charges?

Your business might apply extra fees for, perhaps, late payments, or a breach of the terms of a deal. Restaurants often add a service charge when billing a customer. Are there ways of reducing VAT on these payments? More...
Last updated: 04.06.2020

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