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Detail of outcome
The response document sets out the government’s response to the consultation document published below. The responses received are summarised and a full list of respondents is included but where appropriate the names and personal or commercially sensitive information has been redacted . The government has heard the concerns voiced during the consultation and is grateful for the constructive and informative suggestions it received.
Changes to UK legislation relating to VAT and prompt payment discounts will take effect in relation to supplies made on or after 1 April 2015. HMRC would like to receive views or suggestions on how the businesses affected should make consequent accounting adjustments. These will be used to inform any guidance HMRC may issue.