Monday, 15 October 2012

The Secret is Out: Indirect Tax

As a show of appreciation to our readers we have identified areas within indirect tax that businesses both large and small tend to get wrong most of the time. Overtime we will release these mishaps to HELLP you navigate the exciting world of Indirect Tax. We will start with Issue 1.

Issue 1: Early Termination Fees
Have you ever been hit with early termination fees? Well I certainly have, but what a lot of individuals and businesses don’t know, including business that charge these fees, is that VAT may not be applicable to early termination fees.

Now that I have your attention let me briefly explain:
If the contract with your supplier has a clause in it giving you the right to early termination for a fee then any subsequent charge of the termination must never have VAT applied. 

For HELLP with the above contact Marlon Appleton

1 comment:

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